Ned O'Keeffe (Cork East, Fianna Fail)

I am delighted to have the opportunity to speak on this. This has been going on for two years and I am very disappointed. I have made my views clear at party meetings and elsewhere. Some people have accused me of supporting one bank over another. The bank that is lending again is Ulster Bank, a stand alone organisation in this country that is part of the Royal Bank of Scotland. It must be productive and work properly. It lost its chief executive recently. No one can identify me with any bank over another. I like to praise the bridge as I cross it and what is good for our economy and country.

I am concerned about the way we are directing our bank system and I question NAMA. Any balance sheet with €81 billion debt is horrendous. It will destroy the balance sheets of all banks incorporated in it. Was it even necessary? I came in here honestly and squarely and supported NAMA but I am convinced it was the most foolish thing ever. I normally question things, I am seen in my party as the person who does not fall into line with everything. I regret NAMA and believe we were sold a pig in a poke. It will do serious damage to the banks. The people I talk to are not fools and they know that 20% of the €81 billion will be toxic. Over five years, if that 20% is worked off, we will do right.

We can look at what happened in Britain. Lloyds TSB was forced to take over Bank of Scotland. It is now talking about paying a dividend, it will make €40 billion for the British Government. What have we done in the past two years? We do not know we are doing. Academics and bureaucrats are running the banking system when we want the good business people we had before.

Dr. Somers, who we put in place, who worked with Ray MacSharry, Deputy Bertie Ahern, Albert Reynolds and the Taoiseach, where is he now? He is out sniping at us and telling us we have gone the wrong way. It is about time we faced up to the challenge and it is about time the Minister for Finance put this to bed without putting the liability on Irish taxpayers.

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