Brian Lenihan Jnr (Dublin West, Fianna Fail)

They are also angry with the Government. Many of them have asked why we are putting money into the banks while they endure the brunt of the difficult budgetary decisions we needed to take. It is unfortunate that there has been a breakdown of trust in the entire banking system, but the public knows we need the banks. People understand that we cannot have economic recovery unless we fix our banking system. It is not just a question of bank guarantees, recapitalisation and asset management solutions for impaired assets. It is a question of something much more fundamental and tangible. People need to be reassured that their deposits are safe. They need to believe that senior management and directors in the banks are responsible, trustworthy and accountable for their actions. This will not happen overnight. It will require much hard work on the part of all of us. We must overcome our understandable anger and get on with the business of reform. The Government is determined to refashion the financial and banking system and to address and correct all regulatory and governance shortcomings. We will give clear direction to the banks about what is expected of them. As I stand here today on behalf of the people of Ireland, I wish to make it clear that the banks should be extremely grateful for the continued support and forbearance extended by the citizens.

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