Eamon Gilmore (Dún Laoghaire, Labour)

If the banks did not tell the Taoiseach what was really going on at the time he came before the House, they were making a monkey of him. They were also making a monkey of the public, which was asked to put up the money and the guarantee. The Taoiseach says he did not know of this on 30 September. When did he find out?

We now have a serious problem in the banking system and a serious loss of confidence, domestically and internationally. Everyone knows it is critical for the country that confidence is restored.

The Taoiseach's proposed bank recapitalisation scheme, the details and conditions of which we have yet to examine, is aimed at restoring confidence internationally to the Irish banking system. However, he will not restore confidence to the Irish banking system, recapitalisation scheme or no, while we have this drip, drip emergence of one thing after another occurring in these banks. First, we found out about directors receiving loans and shoving money around between one bank and another. Then there was the matter of contracts for difference. Now, we hear the banks were moving money around between one another. When did the Taoiseach become aware of these loans? When did the Minister for Finance and the Department become aware? We are entitled to know. There has been far too much drip, drip information. The Government must level with the public. There is public money involved, which apparently will be put into the banks, and more public money will have to be used if everything goes seriously wrong. The people, whose money the Government is now playing with and who are being asked to raise this money, are entitled to know when the Government knew these arrangements were in place between the banks and when this loan was made. Will the Taoiseach explain this to the House?

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