Dick Roche (Wicklow, Fianna Fail)

It was approximately 3%. We should remember what some of it, in particular the senior debt, involved. Some of it was from other banks within the institutional framework in Ireland. Some was from treasury management activities by international companies which have invested in this country and some was from credit unions. It was great credit to the Labour Party that it would have flushed them all down the toilet.

Consider another of the Labour Party's favourite issues, Anglo Irish Bank and the question of whether it was of systemic importance. Professor Honohan is unequivocal in stating:

Anglo was clearly systemically important in the prevailing conditions at the end of September 2008...There can be little doubt that a disorderly failure of Anglo would, in the absence of any other protective action, have had a devastating effect on the remainder of the Irish banks.

Given the clarity of these reports, I find it incredible that Punch and Judy politics continues to be played in this Chamber. Instead of focusing on how we can combine such wisdom as exists in this House to craft a new approach, we have the nonsense we just heard from the Deputy. I suggest the best service she could do for this House and the nation would be to spend next weekend reading the reports before showing some of the clarity and positivity we have seen from other parties.

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