Kieran O'Donnell (Limerick East, Fine Gael)

I wish to share time with Deputy Noonan.

The Minister is living on a parallel universe. He is trying to see what he wants to see rather than the reality. Anglo Irish Bank will cost the taxpayer more than €40 billion. The bank will receive €22 billion in recapitalisation and it will account for 70% of the €32 billion set aside for recapitalisation of the banks.

Senior bondholders are professional investors and they took the risk. Senior debt is not like deposits and it can be traded. How can the Minister justify voting for something that will cost the taxpayer €40 billion?

See this speech in context