John Gormley (Dublin South East, Green Party)

Here again we have evidence of opportunities being taken even in difficult times to mainstream pro-environmental initiatives. The Green Party worked with its Government partners to ensure that this bank initiative would ease the availability of funds to small and medium-sized businesses and to first-time home buyers. There is to be 30% extra lending capacity for first-time home buyers and 10% extra lending capacity for small businesses. It is my belief that this will help people in business to stay in business. It will help to keep the economy moving and help sustain and create jobs.

We have also worked with our partners to ensure that there will be guarantees on a humane and sensible code of conduct for people unable to pay mortgages on their homes. Banks will not take legal action for 12 months where they know problems are genuine. That code will be published in the coming days and will come as a relief to many who now find themselves out of work.

I said previously, and agree with the comments of some Deputies opposite, that there were banking executives who lived in a parallel universe when it came to their own remuneration. The Green Party has long called for a realistic and fair scheme of payment. We have persistently said that the old crazy pay and bonus regime fuelled the reckless speculation which caused untold damage to the country and to working people.

See this speech in context