Enda Kenny (Mayo, Fine Gael)

As I go around the country on the Lisbon referendum campaign seeking an endorsement for a strong "Yes" vote, the number of people who express genuine concern about the NAMA legislation is quite astonishing. No Bill that ever went through the House cost anything remotely in the region of what we are talking about here. This Bill does not have the support of the people. It amounts to an act of economic madness to attempt to shift a burden of possibly €40 billion, €50 billion or €60 billion on to the taxpayers' shoulders. There are alternative ways to have liquidity flow into the banking system. When the Minister for Finance, Deputy Brian Lenihan, rang me last year and asked me if I would support the guarantee scheme for the banks, I said "Yes" because I believe in a vibrant, competitive and energetic banking system. There are alternative ways of having liquidity flow to business besides what is being proposed in the NAMA Bill.

There is a growing body of opinion, both at home and internationally, from very respected people and institutions, that what the Government is doing is wrong. There are a number of ways by which an alternative can be produced that would be fairer, would protect taxpayers and would not involve paying over the odds. In addition, it would allow liquidity to flow into business for the protection of Irish jobs. I am not dogmatic about my party's proposal. which was put out some time ago, because there are no perfect solutions here. I know that. In the interests of our country, however, and all the taxpayers, including those who are working and fearful for their jobs, and families watching these proceedings, let me make the Taoiseach a proposition, as leader to leader. If he is willing to withdraw the Bill, and there is time to do so, my party, for one, is prepared to sit down with the Government to work out a more acceptable and fairer alternative that will not involve taxpayers being exposed to an enormous liability. It would be fairer, in everybody's interest and would allow for liquidity to flow into the system so that jobs can be protected. The Taoiseach said earlier that he was open for business. There is a choice here. There will be a long Second Stage debate and a long Committee Stage debate also. He can still withdraw the Bill and do this another way in the interests of all the alternatives and opportunities that exist. In that way, he would not be locked into a cul de sac and pulled by the nose by the banks in one direction only. I am making a proposition to the Taoiseach in the interests of Ireland and all our people. If the Taoiseach is prepared to withdraw it, I am prepared to sit down with him and work out a more acceptable and effective alternative.

See this speech in context