Paul Connaughton Snr (Galway East, Fine Gael)

I wish to raise the issue of toxic assets and the figure of €15 billion that has been mentioned. I understand that the figure of €15 billion refers to assets that are not backed by additional collateral but is based only on the value of the property to which it relates. I consider that to be extraordinarily toxic, to the extent that there is a very bad smell from it.

At what stage will the taxpayer be called in to pay for what is involved in that €15 billion figure? Let us take the example of a speculator who bought a property for €1 billion several years ago. One could now assume that the property would only be worth approximately €250 million, perhaps less, if the speculator could actually get someone to buy it. For how long will the misery and pressure rest on either the speculator or the bank before it transfers to the ordinary taxpayer? That is what the ordinary people of Ireland want to know. If one considers the misery the Minister has inflicted on the Irish people in his budget in order to save €2 billion——

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