P J Sheehan (Cork South West, Fine Gael)

I thank the Ceann Comhairle for allowing me to contribute to this debate. This is the greatest crisis in the State since I entered this House in 1981. It was caused by the phoney Celtic tiger which never existed in reality and during which people were misled into borrowing heavily to finance their lifestyles. The banks were sending letters to every person they imagined might like a new car or a second home either in Ireland or in the sun. I received such letters myself. When I was first elected to the House in 1981, I owed the banks £44,000. Had I not been elected that night in June 1981, I would have had to sell every bit of property I had to clear the loan. There was no bail-out available to me.

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