Mary Wallace (Meath East, Fianna Fail)

I thank the Acting Chairman.

Full nationalisation would involve huge upfront costs from the taxpayer which the State would have to borrow on the international markets. This is at a time when we are borrowing €400 million a week just to keep going. The Government has made it clear that if any further capital injections are required from the State for either of the two main banks it will be in the form of equity capital, which would have the effect of increasing State ownership of the bank.

NAMA must be established and begin its work quickly to have the most impact and help the economy to recover as soon as possible. Some European countries and the United States are beginning to recover economically. If we do not take full advantage of what this recovery strategy offers us we will inevitably lose crucial time in our quest to stabilise our financial sector and limit the long-term damage to our economy. The sooner this legislation is implemented the sooner the banks can start lending again. This is in the best interests of the Irish people and Irish business.

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