Seymour Crawford (Cavan-Monaghan, Fine Gael)

I welcome the opportunity to speak on this group of amendments which are critical to our situation. Banks have, in recent years, got an extremely bad name. A lack of control and effort on the part of those in charge has left us in this mess.

The availability of credit, as provided for in the amendments, is critical to the future of our country. As stated, we will not tax ourselves out of this mess; we will have to work ourselves out of it. If we do not create and retain jobs, we will get nowhere. I appreciate that one of the amendments we are discussing has been tabled by the Minister. However, like others, I do not believe it is strong enough. Given the amount of capital we are putting into the banks on behalf of the taxpayers of this country, we must be stronger if we are to ensure that those justified in obtaining credit get it, thus ensuring the creation and retention of jobs.

It is not only new borrowers who are encountering problems with the financial institutions. Some of the credit institutions in my area are, unfortunately, outside the NAMA structure, including Ulster Bank, National Irish Bank and ACCBank. Some of the requests being made of people in respect of the restructuring of loans is making the process impossible. The institutions are not refusing loans but are putting in caveats which make it impossible for people to continue with the process or draw down loans. This must stop. That the banks were completely and utterly careless and totally irresponsible in respect of money lending in the past does not mean they should be allowed to operate this type of structure now.

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