Billy Timmins (Wicklow, Fine Gael)

I wish to share time with Deputy Noonan.

In recent weeks, if anyone from the Opposition or any commentator questioned what was taking place or the practices of the banking sector, there appeared to be a very insular approach from Government, which suggested that it was irresponsible and unpatriotic to put such questions. I heard the Minister for Finance challenge an interviewer on 'Morning Ireland' saying this was a dangerous question to ask. Both sides of the House have a role in protecting the public interest and we should question these issues. We are required to do so. The markets showed long before us that they had lost confidence in the system. We have lost confidence too.

I do not welcome the recapitalisation as constructed. The motion put forward by Fine Gael is very constructive, as have been all our deliberations on this issue since the beginning when we supported the initial State guarantee, although we did not have all the information. If we knew then what we know now we might not have been as willing to support it. The Bank of Ireland estimated its bad loans at €4.8 billion and revised that figure up to €6 billion by 2011.

The Minister, or his representative, the Minister of State, must answer certain questions before the end of this debate. On what underlying assumptions has the Bank of Ireland based that claim? I would like to see a breakdown of the figure because I believe it will be revised upwards. I say that because what I have heard today has proved inaccurate. Unless we can see the underlying assumptions for that prediction, I cannot have confidence in the figure. Bankers still treat the Oireachtas and the Department of Finance with a certain amount of contempt and tell us what we want to hear rather than what is the case.

I listened to Mr. Sheehy a few months ago and hope I am not misquoting him but, if memory serves correctly, he said he would rather die than take recapitalisation. He took recapitalisation today and sounded very confident on the radio.

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