Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

The Member opposite will have his chance to mouth again later, whoever he may be among the caucus over there. I have my brief opportunity to speak. I am saying clearly that as people who believe sincerely that a State bank approach is indeed one that should be pursued by Government, why would it take on board Anglo Irish Bank which already has such a damaged reputation? How does the Government propose such a State bank exercise will regain the confidence of the people and will go forward with the potential of succeeding in the future as a further entity among all the competing financial institutions in this State? Why does the Government believe that a State bank or nationalised entity must always be, as in this instance, nothing more than a potential financial cesspit? Surely we have higher standards in respect of what should be a nationalised entity or State bank and not this particular example of gross abuse and mismanagement.

As we speak, a constituent of mine is in Mountjoy Prison over not being able, through unemployment, to meet repayments on a €3,000 loan from a credit union. He is in prison, jailed by a District Court, while there are people in Anglo Irish Bank who have been responsible for masking, with the connivance of others in other financial institutions, major loan irregularities. Has the Taoiseach any idea of the full extent of it? With resignation after resignation of directors, does the Government even know the full truth regarding the financial practices, the bottom line and the balance sheet of Anglo Irish Bank? All the information we have been shown so far suggests it does not. It is, therefore, irresponsible for the Government to come before the House and expect Members to adopt this Bill. This is not the way forward.

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