Dinny McGinley (Donegal South West, Fine Gael)

I have two points to make on this important Bill, one of which is general and the other is specific. The fact that we are discussing this emergency legislation in the House is proof that we are in a monetary, banking and economic crisis. This crisis was manufactured at home and three parties contributed to it — the banks, the Government and builders. The Government is guilty because it completely failed to enforce any regulations or controls on the banks in recent years. The banks were grossly negligent in offering huge mortgages to customers, often in excess of 100% and with additional funds for cars and other items. The builders are culpable for the manner in which they used the money that was given out like confetti. These three parties have contributed in no small way to the situation in which we find ourselves and which necessitates this legislation.

I am conscious of the number of speakers who have gone before me and those who are waiting their turn but I wish to make some important points. There are several financial institutions in my own and other counties which are not covered by this legislation. In County Donegal, for example, there are nine branches of Ulster Bank. I do not seek to differentiate between the various institutions but merely wish to draw this to the Minister's attention. As recently as this afternoon, I met with a deputation from the Irish Farmers Association.

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