Wednesday, 1 October 2008
Credit Institutions (Financial Support) Bill 2008: Committee Stage.
Noel Treacy (Galway East, Fianna Fail)
I compliment the Minister for Finance on his shrewd judgment and his quality timing on a number of issues over the past three months. This is an island nation where 90% of GDP is dependent on an export market. We cannot operate in a global market without taking into account the impact of the current global economic crisis. The Minister must be complimented on the fact that not one financial institution in this country has gone to the wall.
Ireland is a member state of the European Union. In the past week, governments and banks have collaborated across borders to sustain banks in other member states. We are Members of a sovereign Parliament of a small country, this Republic and as legislators we have a duty of care to our citizens, our nation and our banking system. The banking system has four clear elements, including currency with its value fluctuations, trust in business and in banking and the ability to take risks and to make judgments to ensure economic growth can prevail. Our job is to ensure we sustain this system and drive it forward. Ultimately, those three elements are underpinned by the fourth element of banking, which is confidence. We must discharge our duties and provide the basis for the necessary confidence in the banking system at this time.
In the United States which is the biggest democracy in the world, banks have collapsed or have been nationalised or amalgamated.