John Perry (Sligo-North Leitrim, Fine Gael)

It was indicated under the bank guarantee that NAMA would be the solution and the Government would not admit to its mistakes. We were sold a pup. It is not fit for purpose. The guarantee was extended and substantial change was promised by the banks with the appointment of public interest directors. However, little or nothing has happened since then. All the same Government and civil service personnel are in place. Nobody wants to rock the boat. For every action there is a reaction but what we have seen in the economy is the loss of jobs, talented people leaving and the emigration of a generation of young people. This country is on the rocks.

The banking sector is paralysed. There is no confidence or credit in the economy. There are now rock-bottom values for properties. The haircut and the hit the taxpayer has taken on the deficit is immense. What banks will finance NAMA properties in the future? No Irish banks will finance such properties; European banks will come in and get property for little or nothing. We were told NAMA would be a wall of cash, which is not the situation.

Regarding due diligence, up to 40 people have bankrupted the country. After spending €34 million on advisers, the Government still has not solved the problem of the indebtedness in Anglo Irish Bank. Can one believe it? Some €34 million was spent on consultants over two years and they still cannot tell us what the final figure will be. They want us to sign a guarantee this evening and come in with the figure tomorrow. We should consider Bank of Ireland, AIB, Irish Nationwide and the EBS.

The NTMA has been damaged by the incorporation of NAMA. It had a very fine reputation for raising money, but high charges are currently being paid for bonds. In terms of the three supports for the economy, the Government has bankrolled the banks to an unparalleled extent. One would expect the banks to support businesses and the taxpayer. Taxpayers have bankrolled every bank as a result of the Government's policy and one would imagine that the banks would support businesses, which would, in turn, support job creation, but that has not happened.

Tier one of three supports has been delivered. The taxpayer has bankrolled every bank but the banks have not supported the economy. Jobs are being lost. Another of the three supports for any economy is the retention of jobs. A large amount of money has been lost and people are fed up. Some €34 billion is involved. Fine Gael's policy was to put €2 billion into a stand alone national recovery bank that would support small companies. Many years ago ICC was a very effective bank which supported small start-up companies. Nobody is giving money to businesses at the moment. Viable businesses are closing. There is no cashflow, confidence or credit.

The Government has presided over this situation and is totally incompetent. People cannot take any more. Enough is enough. They want a change of government. The business community is on the floor. There is no sense of inspiration, confidence or hope out there. We are expecting the Minister to come in and give a solemn commitment on what we are now doing and, given all that has occurred, that something will happen.

Regarding the bondholders, it is like paying an insurance policy and not claiming on it. Why should the bondholders not take some of the hit or negotiate some of the reduction in light of the fact that some bondholders will not be covered by the guarantee? It has been appalling. If this was a business, every director would be sacked instantly and their curricula vitae, referrals and recommendations would be appalling. They would deserve no record of competence, capability or job creation. This economy is on the floor, driven by this Government which expects to fool the electorate again by reassuring them. There is no confidence out there. The banks are not giving out money and no jobs are being created. Nothing the Minister will say will change that opinion.

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