Peter Kelly (Longford-Westmeath, Fianna Fail)

I understand the anger and frustration that people feel when they hear about the vast sums of money that banks need to meet their capital requirements. Like my colleague, Deputy Bannon, I share their anger. This is why it is particularly galling to hear of the extravagant pension entitlements that those in key positions have received and are continuing to receive. That situation cannot be justified. It is a slap in the face of the people suffering in this recession. It is only by the grace of the people that these high paid executives have their jobs and their banks are still in existence. They need to do the right thing and give the money back to the people. The arrogance and lack of empathy for what normal people are experiencing on a daily basis is breathtaking.

Unfortunately, anger is not a policy. For this reason, the Government is taking necessary and unpopular decisions to restore this country to growth. Like many, I do not like what we must do, but I accept that if we do not rescue the banks, our entire economy will fail. The appointments of Matthew Elderfield as Financial Regulator and Professor Patrick Honohan as Governor of the Central Bank will bring about an end to the era of light touch regulation and easy credit. They will be instrumental in restoring confidence to consumers and markets.

This Bill will place financial stability and consumer protection at the heart of regulation. It will also ensure effective and efficient supervision of the financial institutions and markets. It is another step in a series of measures the Government has introduced to ensure financial stability.

Every initiative we have taken, from the introduction of the bank guarantee to the recapitalisation of the banks, from the nationalisation of Anglo Irish Bank to the establishment of NAMA, has been opposed tooth and nail by the Opposition.

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