Kieran O'Donnell (Limerick East, Fine Gael)

We have no idea how much NAMA will make. We all want a banking system that works. Allied Irish Banks and Bank of Ireland have been given time. Their losses to date have not been crystallised. If the Government wants private investors to put money into these banks, it should have outlined earlier their losses to date and how they will come up with funding. However, we will not know that for another six months. That would have encouraged private investors. We have had no justification for putting €8 billion into Anglo Irish Bank today or for putting in a further €10 billion down the line, which is extremely regrettable.

The Minister referred to sovereign debt. International capital markets will see the Government parties dealing specifically with a non-systemic bank such as Anglo Irish Bank when they should be encouraging lending into the economy going forward. Instead, for the next ten years, almost 25% of our annual tax take will be used to fund banks with €2 billion going into Anglo Irish Bank and INBS annually and the taxpayer will never secure a return. A sum of €4 billion will be paid in interest on the money borrowed to fund NAMA and the recapitalisation of the banks. Every year €6 billion of the more than €30 billion taken in in taxes will go into a black hole. How can the Minister vote in favour of that?

The Taoiseach said what the Government proposes will not result in stagnancy and decay. The Government parties have sat on this for the past year. No credit has been extended and all they have secured from AIB and Bank of Ireland is a statement that they will examine targets. They have made no firm commitments on lending. The banks have provided €500 million in additional lending, which is grossly inadequate. We need a proper, revised and updated plan for NAMA and we need to see the Government's advice on putting money into Anglo Irish Bank. The draft plan for NAMA states that more than 80% of the loans involved are performing, which is impossible. We need a proper debate and value for the taxpayer. Recapitalising Anglo Irish Bank to the tune of €22 billion does not represent value.

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