Seán Fleming (Laois-Offaly, Fianna Fail)

It is not, however, a bailout for builders or developers, all of whom must repay their loans. Why are we bailing out the banking system? Without functioning banks, people cannot receive their wages or social welfare payments, buy bread, milk or butter or pay their mortgages or mobile phone bills. Without access to cash, people cannot live. Access to a banking system in a modern economy is equivalent to access to electricity. A banking system is a basic infrastructure required in an economy.

The barter economy was replaced centuries ago. People need cash in their pockets to meet their weekly requirements and send their children to school. Without access to a functioning banking system we would be in a dreadful situation. It would be almost akin to not having electricity. Those who believe one can operate without a banking system are living in cuckoo land. As is the case with banking, we would have to intervene if something happened to the electricity system.

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