John Perry (Sligo-North Leitrim, Fine Gael)

The amendment concerns regulation. It is important to ascertain where the €400 billion came from. It was a unique partnership. Personal debt was huge and indebtedness rose because the more money that was given out, the more revenue came to the State.

Like most of my Oireachtas colleagues, I must accept on trust the argument that the immediate liquidity problems of the banking sector require decisive action by Government. Given the complex nature of the problem facing the country and the short time available to frame a response, the legislation has been drafted under emergency circumstances. As we all know from past experience, even the most carefully drafted legislation can unravel over time. Rushed legislation, such as we are now debating, carries risk that it will unravel quickly and in serious and unforeseen directions.

As for the immediate problem with liquidity, I hope the guarantee system will address this without any cost implication to the taxpayer. This week is about solving the liquidity problem. I hope this move will secure the stability of the financial sector and that the banks can again go to the international markets and raise funds, which would be welcome.

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