James Reilly (Dublin North, Fine Gael)

I will return to the task at hand. The bottom line is there is no assurance that the banks will start lending again. The experience to date has shown that they hid the €7 billion they were given up their jerseys and it has not been made available to anyone. If they are given more money they are likely to do the same. There is no assurance that loans will be available to the people in need, small and medium-size enterprises and ordinary mortgage holders.

We understand the difference between senior bond holders and subordinate debt. It is the subordinate debt that takes the extra risk and attracts the higher interest rate. They are getting away scot free. Where is their sacrifice? I object strenuously to the idea that the reputation of Ireland Inc. will be damaged by taking any action other than this proposal. Ireland Inc., the Irish citizen, the State, did not borrow this money or lend it recklessly, but rather it was the bankers and developers. It is not our reputation or my reputation on the line but the reputation of the banks. The Government should not blackmail us with that threat-----

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