Arthur Morgan (Louth, Sinn Fein)

I support the intent of amendments Nos. 1 and 2 in the name of Deputy Bruton. I appreciate that what he is trying to do is the opposite to what the Minister is trying to do. At least he is trying to impose some kind of timeframe on the scheme and ensure it will not extend for more than five years from now. This is useful. I would like to see a much shorter timeframe and will address this in more detail in respect of my amendments. Amendment No. 2 attempts to limit the exposure of taxpayers and this is particularly welcome.

The guarantee scheme is not working. The banks are not functioning and the taxpayer is still exposed to risk. The people who have escaped exposure to all the risks thus far are the bond market people. The taxpayer will be bailing them out in addition to the banks until September next year. This is grossly unfair. We must examine ways to try to reduce the risk to the taxpayer and allow those who took a gamble to carry the risk associated with investments from which they profited for long enough.

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