Eamon Gilmore (Dún Laoghaire, Labour)

That is why the Irish economy is in its current difficulties. However, we must deal with what we have. A decision was made to provide a guarantee. There is a risk to the State and the taxpayer in that. The banks will gain from it, which is obviously good for the banking sector, which will continue on. What I want to understand is if we take a risk, what is the return? What comes back? I have not heard that spelled out.

I hear the Taoiseach making all kinds of assurances that the banking sector will ultimately carry the can here, that the Government will ensure there will be good management practices, that there will be better regulation and so on. I want to see the nuts and bolts of that. We have not yet been issued with copies of the Bill that will give effect to this. Are the nuts and bolts of the conditions that are supposed to be attached to this deal spelled out and listed in the Bill? We have not yet heard what are those conditions. We hear lots of assurances and comments to the effect that it is going to be fine and that the Government will see to it and I hope that is right. However, if the State itself and ultimately the taxpayer has to bear a risk to bail out banking right now — if that is the way it is, then so be it — as representatives of the people in this House, we are entitled to hear what the extent of that risk is, what the return is and the conditions that will be attached to it but so far, we have not heard that.

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