Ruairi Quinn (Dublin South East, Labour)

We have done so. I know a little about this territory but none of us knows enough. That is why we must work together. We are not about ideology, but about trying to fix the system. We wish to return the banks to private ownership in due course. The Labour Party has made this proposal elsewhere and I will speak on the matter very briefly.

The country's international reputation has been shattered on all sides by the antics of our bankers. We are the most exposed and open trading economy and community affected. We must restore that and a banking commission headed up by an Irish person of international reputation such and Mr. Niall Fitzgerald or Mr. Peter Sutherland should be established. Alongside such a person we must hire a former German, French or American central banker to give reassurance to the international markets. We must put credibility back into the system. We must sack the entire board of the Central Bank. Henceforth, the post of the Governor of the Central Bank must no longer be the sinecure for the retiring Secretary General of the Department of Finance, but a post of international importance open to international competition.

We must examine the reality. If the Government's NAMA proposal is to remove the toxic debt, with a book value of €90 billion, such that the banks can get on with the real business of everyday banking, what discount should the agency give? Let us suppose it is 66% or a two thirds discount. It would then be left holding something of the order of €30 billion without the necessary expertise in the NTMA. However, another method would be to get the banks with no legal complications for between €2 billion and €3 billion if we converted the recapitalisation moneys already given. In that way we could get them for no more than we have already given.

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