John Cregan (Limerick West, Fianna Fail)

Absolutely. That is a scandal. The bank manager lived locally and knew the bank's clientele and the bona fides of its customers, their background and where they worked. No person was in a better position to judge whether a loan should issue to a customer. The banks seem to have moved away from that practice, which was probably considered unfashionable, and have gone to the other extreme. That is why people have amassed huge personal debt which they should not have been able to do.

It is time we learned from our past mistakes. We must all acknowledge that we have a level of personal responsibility. While we can lay blame at the door of the banks, and rightly so, blame can be also apportioned in some instances to people who decided not to exercise their personal responsibility and were happy to borrow money in the knowledge that it would be extremely difficult for them to repay it.

I welcome the Bill. I am confident the Minister, Deputy Brian Lenihan, will ensure the maximum protection for taxpayers. It is vital that we do. I am pleased the Minister in the Bill recognises that we have to learn from our past mistakes and I am glad to have had this opportunity to make a brief contribution.

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