Enda Kenny (Mayo, Fine Gael)

This morning the Government announced its decision to give a guarantee regarding the country's financial institutions. In response to this decision I made the point that this party would respond in the interests of the country, in the interests of protecting our economy and to protect the interests of our taxpayers. The actions of the Government since then do not inspire great confidence. This is a wholly new situation and it requires a wholly new response. The Government is effectively asking the taxpayers of Ireland to underwrite a €400 billion guarantee so that banks can chase their own losses. This sum is the equivalent of up to €250,000 per taxpayer.

The Taoiseach has stated on behalf of the Government that normal regulatory requirements will apply but this is completely insufficient and completely unacceptable. When banks approve credit or loans for small business, they will inevitably appoint persons to oversee the progress of the business in question. Will the Taoiseach confirm that his Government will appoint personnel to the risk management committees of every bank involved in order to protect the interests of the taxpayer? The Irish taxpayer cannot be expected to underwrite a guarantee of €400 billion without strings attached.

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