Eamon Gilmore (Dún Laoghaire, Labour)

This is the fifth time we have heard this speech from the Taoiseach. When I first raised problems related to banking with him, he told the House that the Irish banking system was fine. There was no problem and it was well capitalised and fit for purpose. One of the most viewed videos on YouTube is of the Taoiseach making the same argument while standing in the New York Stock Exchange. He made the same speech in September 2008 when he told us we should pass the bank guarantee scheme and that it would not cost the taxpayer any money. Now we know, however.

The Taoiseach made the same speech when he proposed the nationalisation of Anglo Irish Bank after the Government had provided a guarantee in respect of it and again reassured us that if there was going to be a cost, it would not be significant. By my estimate, Anglo Irish Bank alone is now going to cost somewhere in the region of €22 billion.

We heard the same speech again when the Taoiseach announced the establishment of NAMA and told us the haircut would be 30%. As it is now after 4.30 p.m., I am not breaking embargo when I say the Financial Regulator and the Governor of the Central Bank advised Deputy Burton and I earlier today that the average haircut would be 47%. That is a long way in a few months from the 30% figure provided by the Taoiseach.

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