Eamon Gilmore (Dún Laoghaire, Labour)

Yes, but we are discussing the scheme and the process by which the scheme will be brought before the House. The scheme is intended to address these matters. The point I am making is that, unfortunately, the matters we wanted to have addressed in the Bill will now have to be addressed in the scheme. This is the reason I am referring to those matters.

Even within the six institutions the amount being guaranteed is growing. There are reports of funds moving from the UK to Ireland to avail of the guarantee and this in turn is now underwritten by this guarantee.

The Taoiseach has told the House and the Minister has repeated it that we do not have to worry, that the banks will end up paying. However, we have not been told how much they will pay or when they will pay it or by what means. One of the real and immediate costs to the taxpayer is the additional premium that this may add to the cost of Government borrowing. Again it has been said that the banks will pay but we still do not know how they will pay and how much they will pay and it is an issue as to whether that will be contained in the scheme.

In the course of the amendments presented by the Labour Party we had asked the Government to curtail the culture of greed that has brought us to this point. We have already argued that the six chief executives of the six banks which were initially covered by the scheme earn between them €13 million a year. Again the Government refused yesterday to include any provision in the Bill to curb that culture which has brought us here in the first place and to provide for a degree of what is referred to as "pay restraint" when reference is made to the pay of others. We are being told that we must take it on trust that something, somewhere will be done about it but we still do not know what that will be.

In the early hours of this morning, the Labour Party stood here alone to oppose the passage of the Bill because we were not given those assurances that we sought. Even so, I hope the Bill works and that the financial markets in Ireland will be stabilised, that Irish banks will succeed and that there will not be a requirement to draw down the guarantee that has been provided for in the Bill.

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