Michael Creed (Cork North West, Fine Gael) | Oireachtas source

Surely, in light of the systemic banking collapse we had in this country, €55 billion is not a large fund on a pan-European basis to cover banks that fail? Is it really the case that when we strip down all the jargon around this that this is a political fix, that €55 billion is nowhere near what is necessary? Is it the case that we have to be seen to be doing something but in reality we are coming up well short? If we are coming up well short why not contribute? Why not be realistic about it and decide we need an insurance fund? We all pay for insurance every year and not just for eight years and it could be that we would have to pay insurance again in three years time because someone drew out of the pot.