Dáil debates

Tuesday, 20 January 2009

Anglo Irish Bank Corporation Bill 2009: Committee and Remaining Stages

 

5:00 am

Photo of Seán BarrettSeán Barrett (Dún Laoghaire, Fine Gael)

It is very interesting that the purpose of this section refers to functions performed in the public interest. The public interest is not served by ramming legislation through the House in four and a half hours. This is a serious matter that could have long-term effects for our other major retail banks who are concerned on a daily basis with overdraft facilities to enable businesses to survive and remain in business. It should be remembered that we are talking about an investment bank and that throughout the world investment banks have generally been the main cause of collapse in the banking system. As individual Members of the House representing the people who sent us here, we are asked to walk through the lobbies and vote in favour of purchasing a bank about which we know nothing, in respect of which we do not know the value of its liabilities, assets or debts. We are asked to do that following four and a half hours of debate.

If, when this debate is over, I am asked by a constituent why I voted in favour of buying this bank, whether I know something about it that the constituent does not know, I would have to say I know nothing about it. My constituent might well ask why I voted to buy it on his or her behalf. In effect, that is what we are doing. We are buying this bank on behalf of the ordinary punter in the street. I find this extremely disturbing. Under no circumstances will I vote for this Bill on the basis that in the long term it will affect the other two major retail banks. Nobody in business would dream of buying a business they know nothing about. If they did they would not remain too long in business. I have been in business for more than 35 years and I certainly would not buy a share in a company about which I knew nothing. The first thing one would do is conduct a thorough investigation of the company. We have not been given an opportunity to do that.

I serve on the Oireachtas Joint Committee on Finance and the Public Service with my colleagues here, and we have been totally misled on two occasions by bankers, including the Governor of the Central Bank who told us — I believe it was last September — he had stress-tested these banks and was happy with them.

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