Kieran O'Donnell (Limerick East, Fine Gael)

It should be published, similar to the FÁS report. I cannot understand why it has not been published. We are being asked to approve something blind. We do not know what we are putting money into but the PwC report was supposed to outline that. The current auditors to the bank must be removed. This is again not personal but new auditors must be appointed. It is absolutely critical that the existing auditors be replaced to restore trust.

The Government must provide a proper roadmap regarding regulation of the banking system. The Anglo Irish Bank annual report in 2007 stated 56% of the salaries of executive directors was paid in bonuses while 61% of the former chief executive officer's salary, amounting to €2 million, was paid in bonuses. The banks were run on the basis of greed as they chased unsustainable profits and nothing like this can happen again. Ordinary shareholders, including pensioners, who attended the bank's emergency general meeting last Friday feel they are not getting leadership from the Government and are not being told what is the position. The Government and the Oireachtas must restore people's trust, which, in turn restores trust among international markets that do not believe what is going on. The share price of every Irish bank is still falling because the markets do not believe the reports that are coming out of Ireland. Certainty is needed. That is why we put forward that the bank should be nationalised in a form that provides certainty. The loan book must be managed. The Government has not stated how much money it will have to invest in the bank and we are being asked to agree something in five hours when the Government will not answer important questions.

The Bill provides for the appointment of an assessor. The appointment should be scrutinised by an Oireachtas committee. That is what we are here to do. The Minister and the Government are missing the point. The public is looking for transparency, accountability and the restoration of trust in the banking system and if the Government does not deal with the issues we have raised in a constructive manner, it may not provide certainty going forward for the markets.

The Government guarantee scheme was introduced for the principal purpose of providing for the flow of funds throughout the economy and, in particular, to the small business sector, which provides jobs. Like all Members, I have been contacted by small business owners over the past few days who say they will be out of business in a week if funds do not flow. The nationalisation of Anglo Irish Bank does nothing to provide for this. The Government must provide an insurance scheme for the other banks regarding their losses. Funds must flow to the small business sector again.

See this speech in context