Michael Kennedy (Dublin North, Fianna Fail)

I welcome the opportunity to speak on this issue. We have heard a lot of comments on Anglo Irish Bank and the actions of its bankers are regretted by everybody on this side of the House, despite the accusations that were thrown around the Chamber yesterday. The Minister for Finance spoke on behalf of everyone on the Fianna Fáil benches when he alluded to reckless banking practices. Nobody condones in any way the actions of those reckless bankers.

The investigations to which Deputy Ó Caoláin referred are being conducted by the Garda rather the Government, which is as it should be. I welcome the recent arrests and, like everyone else in this House and the general public, look forward to court actions.

Repayment will be sought on 100% of the value of the loans that NAMA takes over. Those who suggest otherwise are indulging in idle talk. Every developer and builder who owes money to the banks will be chased down for the full value of their debts.

The independent inquiry into the Central Bank, financial regulation and other issues in the banking sector is important because we need to know how and why the failings occurred. It is untrue to suggest that Members on this side of the House have no regard for the investigation.

The biggest issue we face is finding money to resolve the cash crisis that confronts businesses. I welcome the Government's provision of €6 billion to the two main banks over the next two years. It is important that we get cash flowing once again. Criticisms of past decisions will do nothing to achieve that end, however. The independent credit review process, which was launched this morning, is also important because people need the opportunity of having their cases reconsidered where their credit applications are not successful.

All the main institutions, including the EU, the ECB, the IMF and the OECD, have stated that the Government's plans are the correct ones. Recently, the French Prime Minister stated that the Irish Government was showing the way forward for Europe. Those who criticise us are not offering alternative solutions. What solutions do Fine Gael and the Labour Party propose? Once again, they say we should renege on our debt and thereby damage our international reputation. They would sell down the Swanee the people who have €80 billion on deposit in Anglo Irish Bank. Have they any regard for the small people who have money in credit unions and pension funds or the small business person and private citizen who invested their money in that bank? Are they suggesting we should throw them to the wolves and say "sorry lads, you made a bad decision by banking with the wrong corporation". I do not think so.

Greek politicians initially proposed reneging on their country's debt but recent experience has caused them to change their minds and go to Europe, as we did, for help in finding solutions to their problems. No country in Europe has reneged on its debt. I would draw a comparison to our nearest neighbours in the UK, which has pumped £850 billion into its banking system to stop banks failing and take over majority shareholding. The Labour Party Government in the UK has not gone down the road of nationalisation which would be the natural inclination of Deputies Burton, Rabbitte and Ó Caoláin. The Deputies should ask themselves why the British Government, a Labour Party Government, has not gone down the road of nationalisation. Instead, it has pumped in £850 billion sterling. Has anyone in the House of Commons from the Conservative or Liberal parties or the backbenches of the Labour Party questioned it? The answer is "No" because they realise it is necessary and vital for the UK economy and a functioning banking system.

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