Michael Noonan (Limerick East, Fine Gael)

These do not provide the information that is necessary. For example, Deputy Burton asked the Minister a simple question earlier, namely, the proposed discount for when NAMA takes over the debt. That is a simple question. We see figures in the newspapers, but we do not know whether they are correct. All I know is that bank shares are worth nothing currently if we match the liabilities of the banks against their assets. They are worth zero, yet the market has taken a view that the two main banks are worth just below €2 and just above €2 per share.

The only reason the market would take that view is that it thinks the discount NAMA will give will give that level of value to bank shares. If one tries to do a calculation on this, the discount seems to be somewhere between 15% and 20%. That is the view the market is taking, but is that an informed view? Is that view being formed on the basis of a briefing from the Department of Finance or on the basis of something the Minister has said? The informed view in the market, considering the value of shares over the past three or four weeks, suggests the discount is not less than 15% and somewhere between that and 20%. Those are the kinds of calculations being made.

The position in this House is that we will shortly be asked to make major decisions, without being given the full information. I got up to speak to ask the Minister to respect Parliament. Will he give us time to debate these major issues, which are of such consequence not only to this generation, but to the next? Will he provide us with the fullest possible information?

We all know there is a crisis. I believe we must deal with the banking crisis before coming to terms with the fiscal crisis and getting the economy going again. The banks are essential to what the Minister is doing. However, the Government is doing nothing to earn the respect or co-operation of the Opposition, because our questions have not been answered and the Government continues to take shots in the dark. To be candid, I am losing confidence in the decision making process of Government.

To give one example, the Government took the decision to nationalise Anglo Irish Bank. At the time, the impression given in the House was that the liabilities of the bank were from €1 billion to €1.5 billion. A few weeks later, taxpayers were called to put €3.5 billion into Anglo Irish Bank and were told they would probably have to pay another €1.5 billion or €2 billion. These figures bore no relationship to the information provided in the House when the decision was taken to nationalise the bank. Where does this leave Parliament? How can we make decisions when information that is put before the House is so flawed?

The procedure for dealing with this Bill tonight is an absolute charade. The Taoiseach suggested on the Order of Business that we could go on till 11 p.m. to discuss it. Deputy Gilmore made a very good suggestion that we could spend tomorrow on Committee Stage and Thursday on Report Stage and then complete the Bill. At least then we and the public would be informed as a result of the debate. To proceed by guillotine with matters of such magnitude is extremely dangerous.

See this speech in context