Frank Feighan (Roscommon-South Leitrim, Fine Gael)

We are at a crisis in this situation. The banks have got a guarantee of being bailed out by the Irish taxpayer, but they are not doing enough to bail out businesses, farmers and home owners. I have heard farmers complaining that they do not have enough money to feed cattle, but the banks do not even answer their phone calls. Sometimes cheques to the value of €50 are being returned, while the banks are charging up to €15 for dealing with a bounced cheque. That is happening to tens of thousands of people around the country, but the banks are not showing enough flexibility to secure jobs. I have given the banks a hard time over the years, as well as in more recent times. The banks have been bailed out by the taxpayer, so the Government should ensure that they give support to small and medium enterprises, the farming community and home owners. These are very difficult times, but we will get out of this recession by keeping jobs. It begins and ends with jobs, but not enough is being done because we are in denial.

The elephant in the room concerns the six banks which have been guaranteed by the taxpayer. Three of those banks, including Anglo Irish Bank, are getting in huge deposits because they are giving priority rates, but they are not lending one cent to any business or farmer around the country. I would like to highlight other banks not covered by the Government guarantee scheme, which are also offering rates. I do not mind what is happening but people who deposit money in these banks may not get it back because they are taking money out of the economy. As a country, we have protected banks. Individuals and companies, including major insurance companies, should put their deposits in the three main banks because that is the only way to get money back into the system, although I acknowledge they will also be recapitalised.

See this speech in context