Brian Lenihan Jnr (Dublin West, Fianna Fail)

It is called an emergency because it is an emergency. While the Deputy may have been pleased to see the banks go west last September or the economy go west now, these important decisions must be taken now. This is the reason the legislation is before the House this afternoon and the reason the Government intends to implement it. This legislation must be enacted.

Questions were raised about whether income tax could have been used as an alternative to this legislation. I assure the House that the levy introduced under the income tax code, which was outlined by Deputy Burton, will be supplemented in due course by income tax changes to be announced in the budget later in the year. Deputy Burton insists on suggesting that the purpose of this levy is in some way to fund the banks. That is wholly without foundation.

See this speech in context