John Perry (Sligo-North Leitrim, Fine Gael)

The Taoiseach stated it is his intention that the taxpayer would not be liable for any shortfall down the road. He stated he is not handing over any money to the banks. All he has done, he suggested, is that he has lent the name of this country so the banks could access liquidity. I very much endorse the point made by the Fine Gael Party leader, Deputy Kenny, that we do not want to see a situation where bank gains were privatised and losses socialised, which is an important point.

The Taoiseach also stated that the facility would come at a price and that a fee reflecting commercial reality would have to be paid by any banks that sought to make use of the guarantee. There is no reassurance to taxpayers that this charge will not be just another stealth charge on bank customers. One way or another, the public will end up paying for this guarantee. It would be preferable if the proposed fee was a levy on bank profits. Banks have made in excess of €2 million a day in recent years and have made profits of up to €1 billion. I would be much happier if the levy was on bank profits.

I welcome the guarantee put in place by the Minister that has helped the banks to date. That is all very well for the banks but this is a two-way process and people are entitled to be treated fairly and justly by the banks. I address my remarks especially to those people who are currently unable to pay the mortgage on their family home. Between now and Christmas the number of families affected could be in excess of 100,000 nationally.

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