Kieran O'Donnell (Limerick East, Fine Gael)

I support my colleague, Deputy Burton. What the Minister of State is bringing in here could extend the guarantee scheme up to 2015. This has enormous implications. The Minister for Finance should be here today. I mean no disrespect to the Minister of State, Deputy Mansergh.

The implications are astounding. Where the people face the most severe budget in the history of this small State, the Minister for Finance has a debate of 50 minutes on a motion in which his powers appear to be wide-ranging. He appears to be able to extend the guarantee scheme for specified liabilities, effectively, as far as 2015. Furthermore, we have no idea when the commencement order on this scheme will be made.

This is just not good enough. I put it to the Chair that the Minister of State should contact the Minister for Finance so that he can come before this House. This involves €440 billion of deposits that the taxpayer is guaranteeing on behalf of the banks.

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