James Reilly (Dublin North, Fine Gael)

All one has to do is look at what is happening. Through what can only be described as clever accountancy the Minister sought to describe the €4 billion already put into Anglo Irish Bank as an investment. The European Commission certainly does not agree with that. It now wants the Government to put that sum on the books. One could be forgiven for the perception that the very clever accountancy that got us into this mess in the first instance is the same methodology that is being used to get us out of it - but it will not.

Ordinary people in the street are aghast and amazed at what they see, namely, people lying on trolleys in Beaumont Hospital. They see hospitals beds and departments being closed all over the country - in Beaumont Hospital and in Portlaoise. All around the country health services are being pulled back. They see the money allocated to the fair deal system being used to transfer patients from long-term care in publicly funded facilities to private facilities. They wonder how billions can be poured into the banks, yet we cannot afford the millions we need for the health service, to educate our children and to secure our future. It is quite obvious that everyone, except perhaps the chosen few, want to see Anglo Irish Bank closed in an orderly fashion.

The bondholders are big boys. They went to the races and put on their bet but the horse did not come in. The taxpayer cannot give them a two-way bet and give them their money back even though they lost. They have to accept some of the loss themselves. They are not foolish. I do not accept that Ireland Incorporated's reputation is damaged by that because Ireland Incorporated did not borrow the money. Anglo Irish Bank did, and let it, its bondholders and those who support them take the hit. We are getting signals that the Minister might be starting to listen and that perhaps that will happen. I hope he does listen because it would be a terrible catastrophe for this country if we continue to shore up the bank which is very slow to tell us what the true story has been. I accept new management is in place and that the information is emerging which was not previously the case. We have been led up the path and sold a pig in a poke. We need to close down the bank and force the bondholders to take the hit. They are responsible for gambling their money. They made huge profits when the bank was expanding and now there is no choice but to force them to accept the consequences of their gambles.

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