Ulick Burke (Galway East, Fine Gael)

I thank Deputy Naughten for sharing time. I welcome the opportunity to contribute to the debate on this motion, which relates to the recently published reports into the banking sector and which refers to "the conclusion contained in the Honohan report that an excessively generous bank guarantee issued on 30 September, 2008, has cost the taxpayer more than was necessary to protect the stability of the financial system".

Earlier today, the chief executive of Anglo Irish Bank, Mr. Mike Aynsley, informed the Joint Committee on Finance and the Public Service that the lion's share of the €22 billion in taxpayers' money that has been spent in rescuing the bank is gone and will never been seen again. This is the first evidence we have received from a senior bank official that the money in question has disappeared. In the past, we were informed that our activities in respect of NAMA and rescuing the banks might eventually yield profits. However, today we were presented with the first serious admission that this money has fallen into a black hole.

Deputies Bruton, O'Donnell and others on this side of the House previously stated that this would happen. However, those in Government denied it would be the case. Even though he was present at today's meeting of the Joint Committee on Finance and the Public Service, Deputy Fahey, when making is contribution to this debate, deliberately chose to ignore what Mr. Aynsley said and instead focused other matters.

Despite all of the denials that have been issued, the reports into the banking sector clearly show that the blame for what happened must be laid at the door of those in the banking sector.

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