Joan Burton (Dublin West, Labour)

Yes, they were all small.

The Taoiseach stated that the purpose of today's exercise is to crystalise losses for the bankers and developers and also stated that this process is our equivalent of a stimulus package. Crystalising the losses for the bankers and borrowers - the developers - is one matter but where is the stimulus package? The Minister made references at the end of his speech to worthy intentions. The late nationalisation of Anglo Irish Bank, in respect of the €28 billion, was nationalisation of the worst kind, forced on the edge of a precipice when nothing else could be done. The managing director of that bank came before us and told us it was a zombie bank. I note that the Minister had nothing to say today in that regard. I presume he would have had something to say had it, if we are in a nightmare movie, become undead. The Minister never suggested it had become undead.

Anglo Irish Bank and Irish Nationwide Building Society account for half of the €77 billion. Perhaps the Minister will tell us how much of the €54 billion they account for? I believe that there is a recognition among all parties in this House that there are different types of banks. Bank of Ireland and Allied Irish Bank are main street banks in which people all over the country lodge their money and from which businesses expect to obtain credit and loans. The folly of the Fianna Fáil approach to the guarantee is laid out for all to see in this document.

We went to the wall this time last year. The Minister stated at that time that we would be first-movers and that this would give us a tremendous advantage and sort of our liquidity problems but it never did, which is the reason we are here today.

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