Tommy Broughan (Dublin North East, Labour)

Is this the end of the bad news we have been given for the past two years regarding the transfers, the figures provided at the top, promissory notes and the final €6.6 billion? On Black Thursday, the Minister entered a process of accelerated transfers. Can we be confident the forensic examination of loans will be such that the Minister will not revert to us with more shocking news? Do we know what we are facing at this stage?

I wrote to the Minister regarding EBS, given its tradition and history of providing housing loans and mortgages, to ask whether the course of action he has embarked on was the only way forward. I speak as one of the 600,000 members of the society in former times before the takeover. I understand we are in the final phase of the sale of the bank and we are down to two bidders. Does the Minister have concerns that one of the bidders was involved in the possibly illegal funding of Anglo Irish Bank? What does the Minister intend to do with regard to the mutual model? Many felt that EBS was dragged into the situation to cover the situation in Irish Nationwide. To return to Deputy Noonan's point, is the fraud squad and the Office of the Director of Corporate Enforcement actively investigating the administration or governance of EBS before 2008?

Regarding private debt, has the Minister given consideration to the suggestions by Dr. Peter Bacon and others with regard to the massive overhang of private debt? I refer to young families in negative equity with huge mortgages.

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