Richard Bruton (Dublin North Central, Fine Gael)

We are today crossing the Rubicon. There can be no turning back from this decision. It is a final step in the journey the Government has taken and it is of truly huge proportions. We have to reflect on the advice we have regarding the earlier steps along the road. When the guarantee was introduced, we were told this would be the cheapest bailout of a banking system of any country. How hollow those words look now. When the first €11 billion in recapitalisation funding was introduced in the House, we were told this would result in credit flowing. How hollow those words have been. When NAMA came along, we were told there would be a wall of money in the banks available for lending and within weeks we heard the chief executive officers of the banks explaining the reality to us.

The Government, therefore, does not have a record of success as it asks us to accept on trust that these decisions today should be taken without evidence being presented that stands up to independent scrutiny. This is a huge gamble. We are being asked to accept that this is the least worst of the options available, but where is the analysis to show that? As Colm McCarthy, a Government adviser, said regarding prudent spending of public money, the onus is on the Minister to demonstrate to the House that this is the least worst option and, to be brutally honest, while his script mentioned many numbers, it did not confront the root issue and it has not demonstrated that.

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