John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I accept what Mr. Draghi says about Mr. Sugarman and the complaint that he made. It may be closed but arising from that complaint and what happened, nobody went to jail and nobody is being pursued. We are constantly told that the regulations are being strengthened but the citizens that we represent, Jonathan Sugarman, and I do not see it that way. While we measure things here with regard to the financial circumstances of the country and the European Union, the social devastation caused in Ireland by the crash and the vulture funds is horrific. It continues to this day and it is wrong to say that we are experiencing a recovery. We are not. Certain parts of the country are but a vast number of people are still caught in the courts, trying to deal with the banks. Their homes are being taken from them. There may be a need for a social policy but the consequences of the financial policies are causing all of this to happen. While Mr. Draghi says the vulture funds should be regulated, between now and the time they are regulated, people will have died by suicide. That has happened in this country. People will have lost their homes and we continue to burn money in the Central Bank every month. I think it is wrong that a bank or institution which represents the people of the European Union would not at least flex its muscle and say that the social consequences are too much and that countries need to intervene. The European Central Bank should in some way tell the banks in Ireland, through Professor Lane at the Central Bank, that they will not get away with it any more. They continue to get away with it.

Community banking has been mentioned. Credit unions and community banking should be given a special place to perform. That type of business structure has saved people on the lower end of the ladder, borrowing small amounts from credit unions and banks such as Sparkasse. The only place in which one can get money for the small and medium enterprise sector in Ireland is from the funds which are charging astronomical rates for it. They are engaging with people around the country, providing loans and creating further risk for the economic development of Ireland. I have to say that about those I have engaged with and their experiences.

We have been joined by Deputy Eamon Ryan who asked me for a few minutes earlier. With Mr. Draghi's indulgence, I will allow it.