Arthur Morgan (Louth, Sinn Fein)

I share Deputy Rabbitte's concern that there is not enough time to debate this Bill, a scandal in itself.

I reaffirm Sinn Féin's commitment to a State-owned bank, long a demand of the party's. We support public ownership of a major banking institution. This Bill is not, however, nationalisation in the public interest. It is simply a bail out for the former patrons of the now defunct Fianna Fáil tent at the Galway Races.

The bank guarantee scheme was described by the Minister for Finance, Deputy Brian Lenihan, at the time as "the cheapest bail out in the world". With this Bill the taxpayer is now set to take on a €73 billion loan book, on top of the €10 billion botched recapitalisation plan and the €440 billion guarantee scheme, without being given any information as to what it is all about. What is the real size of the risk to the taxpayer?

This crisis was made in Ireland. It was created by the corrupt culture endemic in our financial system and encouraged by successive Fianna Fáil Governments out of their love affair with greedy property developers. That is what everyone believes to be the case. The revelations about the hidden loans made by Seán FitzPatrick and others have exposed the systemic fraud in Irish banking. It has shown that senior bank managers and their auditors cannot be trusted, that our officials in the Financial Regulator are incompetent and that the Government's banking policy is an abysmal failure.

Anglo Irish Bank is Ireland's Enron, but unlike the United States there will be no criminal investigation and no one will be brought to justice. It beggars belief that Seán FitzPatrick, who has embezzled or otherwise done away with in excess of €80 million, will walk away scot free while a working class man in the Louth constituency spent time in Mountjoy Prison for having no dog licence. It was not the Hound of Ulster he had but a small household pet. He was, of course, a working class man living in a working class area. Seán FitzPatrick, on the other hand, is still free to jet around the world and do as he wishes. If there is no law in place to deal with Seán FitzPatrick and his activities, that itself is a significant failure of this House. It is a failure that needs to be quickly amended.

In handling this crisis, the Government is simply making it up as it goes along. Four weeks ago, the Government stated any nationalisation would be affirming that we have no confidence in the bank as a bank to survive. Now, it says it will be "business as usual" when it nationalises Anglo Irish Bank. The last thing anyone on this island wants is Anglo Irish Bank's business as usual. We want a proper State bank that will ensure finance streams to small and medium-sized enterprises, secure people's homes and help to build our way out of this economic crisis, largely created by failed Government policies.

Acting Chairman, how long have I left?

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