Ned O'Keeffe (Cork East, Fianna Fail)

Given that the legislation was published in July of this year, it should have been passed by now. If it was working, we would not have the misery we currently have in the banking system. I listened this morning to Deputies suggesting that there are flaws in this legislation. I suggest to them that we have to look back. Northern Rock went out of business long before Anglo Irish Bank went bust. We have to listen to all kinds of stuff in here. We know what happened to Lehman Brothers and Bear Stearns in the United States of America, not to mention AIG in the insurance area. I watched the experts discussing this issue on last night's "Prime Time". Where was Professor Lucey five years ago? He was not to be heard of. I regret that this kind of thing is happening. When another bank expert did a sum last night, as if he was in sixth or seventh class, he came up with a few figures to suggest that there will be a loss of €12 billion. I commend my colleague, Deputy Michael McGrath, who held up very well on that programme as he clearly defended the Government's position on NAMA.

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