Micheál Martin (Cork South Central, Fianna Fail)

-----and the disorderly failure of Anglo Irish Bank two weeks later would have had the same effect on the entire Irish banking system. The President of the European Central Bank, Mr. Jean-Claude Trichet, stated on numerous occasions that allowing Lehman Brothers to collapse was a critical mistake in the global financial crisis. The president of the Bundesbank, Mr. Axel Weber, said on a recent visit to this country that in the aftermath of the collapse of Lehman Brothers, allowing a large bank to fail in Europe would have been catastrophic for the entire economy. The French Finance Minister, Ms Christine Lagarde, who has praised Ireland's fiscal policy, called the decision to let Lehman Brothers fail horrendous and a genuine mistake as it triggered panic in its markets and brought banks to the brink of a 1929-style financial meltdown.

I endorse what the Minister said today. While we all understand the impulse to obliterate Anglo Irish Bank from the system, the Minister said he could not countenance such an action. He was telling the truth and stating the honest position.

Unfortunately, Deputy Burton's contribution was 90% critique and she said very little about solutions. The advices we have received show temporary nationalisation would have been the wrong option at the time in question. The Deputy's speech was about political sloganeering and political felon-setting, which is no substitute for a substantial policy option.

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