Tom Hayes (Tipperary South, Fine Gael)

Like everybody else, I am delighted to have an opportunity to say a few words on this matter, the most important legislation to come through the House in my time. No doubt, as many more experienced than I would say, it is the most important legislation since the foundation of the State.

One should consider why this happened; our banking institutions collapsed. People say the bankers should be fired, and they ask why this happened and why those in charge of the banks were given golden handshakes. I would question first those who were looking after the banks. It was a crying shame to allow the banking institutions do what they did in this country giving, not millions, but billions of euro of loans to different companies controlled by the same people, and nobody knew what was happening. Three or four years ago, the banking institutions were reluctant to give mortgages or personal loans to small account holders with overdrafts or to give loans to people who wanted to set up in small businesses while at the same time another section of the banking institutions were throwing billions after billions of euro to the very same people to build new houses and to push up prices. It ended up that the same people abused the system and now the entire banking institution has collapsed.

The one institution we all - householders, Members of the Houses of the Oireachtas and companies - need is a bank. One cannot operate without banks. It is banks which lend money, no matter who the employer or how successful the person. That is the job of banks and that is the reason they are in place. They are a vital part of any economy - whether it be the household, small business, big business, builders or whoever.

We need banking and I am all in favour of helping banks. That is why my party supported the Government on the night, some months ago, when we were asked to secure the deposits in the banks. I was proud that night that my party in opposition could stand up and state this is good for the country. However, I was extremely concerned when NAMA and the rescue of the banks was proposed. I was disappointed that the Government did not talk or listen to those on this side of the House who had much to say on the setting up of NAMA. I have had dealings with banks for many years and have had my own differences with them from time to time, but I understand we all must deal with them from time to time.

When the Minister spoke of €54 billion in loans, based on valuations of which nobody could state the origin, I was extremely concerned. I received inquiries from auctioneers and valuers from outside Dublin who do not understand how they will get on the list of valuers. I am perturbed that some of the bigger firms in Dublin might be appointed as valuers. They do not know the price of land in Goleen in County Cork or in Golden in County Tipperary.

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