Seán Fleming (Laois-Offaly, Fianna Fail)

Someone must have been taking magic mushrooms when the Fine Gael proposal was produced as it does not make sense. While it would be great if the magic bank would work, we must live in the real world.

In introducing the legislation, the Minister pointed out that we must address the health and stability of the banking system to ensure the credit required by the economy is provided. As it stands, the legislation is deficient in this regard. I hope detailed provisions will be included before the Bill completes its passage through the Oireachtas to ensure credit becomes available. The Bill deals with the stability of the banking system by removing the banks' property loans and arranging for them to receive a major cash injection.

I disagree with many of my colleagues in that I regard the establishment of NAMA as a bailout for the banking system.

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