Finian McGrath (Dublin North Central, Independent)

I welcome the opportunity to speak on amendment No. 2 on the conditions on any applications for financial support. This also deals with the gross annual earnings of officers and employees. This is an important development because it is part of the broader debate. There are those in this House who do not accept that, but I strongly contend that it is part of the debate. The payment of obscenely high salaries to people who do not deliver should be challenged. Such people should be reminded of their responsibilities and amendment No. 2 is very important in this context. The game is up, lads, and regulation is the only game in town. Banking should be about more than profit. It is about people, housing, mortgages and employment. I ask the Minister to keep a close eye on these people. I welcome the Minister's reaction in recent days to the current crisis and I commend the decisive way he has handled it. I believe that internationally it will be respected. He gave the solid performance which was needed over the past few days.

I have always had a problem about the payment of hugely inflated salaries, many of which are higher than the salaries of elected people in this State. I believe there are already whisperings that people from the banking system who have negotiated this deal have got a good deal for the bankers. I have concerns about this and I urge the Minister to make sure that bad practice is not rewarded. I refer to the gross earnings mentioned in the amendment and I urge everyone to think of the people crucified by the banks over the years, mortgage holders and low income families. These are the real people in this affair and they should not be forgotten in this debate.

The Minister stated that this guarantee is not free and that the taxpayer who ultimately underwrites this support will be remunerated for the value of the support provided and will get value for money. These are key issues and I urge the Minister to stick to that agenda. I welcome last night's statement from Deputy Arthur Morgan demanding a State bank. I urge the Minister to consider that proposition, which has huge potential to contribute to the development of our economy. Right-wing economics have not worked in the past and will not work in the future. We need sensible and radical ideas. We need banks and institutions which will make money for people and look after their interests. I commend amendment No. 2.

See this speech in context