Michael D'Arcy (Wexford, Fine Gael)

I say that without gladness. Part of the problem is that we have had a single party State. For 20 of the past 22 years the Minister's party has been in Government. How could a supposedly independent financial regulator criticise the Government for the actions it took in recent years? We will pay for the excesses of the past ten, 12 and 14 years in decades to come. Of that there is no question or doubt. Children not yet born will pay tax in years to come to tidy up this mess.

The €7 billion placed into Allied Irish Banks and Bank of Ireland has been consumed by the market. At present, Bank of Ireland shares are worth 30 cent and Allied Irish Banks shares are worth less than 40 cent, an indication of the confidence of the international markets. We find ourselves in a position in which we face economic catastrophe. It is a case of Armageddon in terms of what will happen to us in the short term, let alone the medium term.

Businesses require cash flow and funds and these are not being provided at present. The banks may meet the Minister and claim this is the case, but it is not so. Without jobs the economy will falter ever further. As Deputy McHugh stated, jobs can only be facilitated with funds. Business can only be facilitated through the availability of funds. There are a remarkable number of viable businesses which need to overcome the difficulty of a cash flow hump and the banks are not providing the necessary help.

I refer to remuneration and pay in the higher echelons of banking. Remarkably, a reduction in the pay of such people has been discussed in terms equivalent to almost twice the amount that President Obama is considering for the directors of banks in the United States. These banks are many times larger than ours. I do not know how we can consider paying this sum; €250,000, or €20,000 per month is equivalent to the Minister's salary. It is a fortune and the most that should be ever considered.

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