Arthur Morgan (Louth, Sinn Fein)

I will use the term "untruths" then. Those of us who stood against tax and PRSI cuts because we knew taxes had already been cut to an unsustainable level were told we were economically illiterate. Fine Gael and Labour have some cheek attacking Fianna Fáil now when their own populist policies would have led us down the same route. The media must examine its role in protecting Fianna Fáil by attacking those who sought to challenge the Government's economic policies.

We have a long way to go on this legislation. I will oppose it at every opportunity. The NAMA model is unnecessary and the wrong approach. There is a much better option for the people and the next generation. Nationalisation would be expensive but it would be €10 billion to €15 billion cheaper than the NAMA option. It would be a much more sure-footed approach, would do what it says on the tin and do so quickly when NAMA will still be examining toxic loans in the middle of next year. The banks have already said this will be a long process, that lending will not start quickly and some businesses will go to the wall. That is unacceptable and I will oppose the NAMA legislation on every Stage.

See this speech in context