Arthur Morgan (Louth, Sinn Fein)

It is a pity I cannot hear that character when he talks because I would like to respond to him. It is a pity that whoever was given the job of crafting the statement was not given the job of crafting the amendment. The person or people who crafted the amendment to the Fine Gael motion obviously were in old mode and less competent than those who crafted the Minister of State's speech because the amendment commends the Government on "the rapid and effective response it has made to reform the structures of financial regulation, support the banks, restore confidence..." Whoever might be replying to the debate should tell us in whom the confidence has been restored because the report on the front of today's Financial Times and the interest rate of 7.24% on international bond markets today hardly suggest confidence. The confidence is certainly not restored in anyone in whom it should be restored and certainly not to the people. It has not even been restored to Government backbenchers; one has stepped away and more may follow, which does not suggest confidence in the Government.

The amendment also refers to "ensuring that banks fulfil their commitments given to the Government in relation to lending to Irish households and businesses and, in particular, small and medium sized enterprises". However, that is simply not happening. Through their work in their constituencies, all Deputies know that small businesses are screaming out for support from the banks, but are not getting it. Overdrafts and term loans are simply not being extended to small businesses which means that the very backbone of the economy on which we will depend to find our way out of this economic mess is being wiped out. Really someone should have a chat with whoever crafted this amendment.

While we know a number of inquiries are going on, who is inquiring into the activities of the auditors of these banks? Ernst & Young were the auditors for Anglo Irish Bank. I am sure the Minister of State is familiar with the figures from the 2008 accounts audited by Ernst & Young, which indicated a profit of €784 million, but a few months later we were told it was a €12.7 billion loss. I must correct the record; of course there is an investigation is going on into the auditors, but the auditors are investigating themselves. I am sure that will be a very fruitful investigation and I can tell the House now what the results will be, and it certainly will not be very heartening for the taxpayers who will need to carry the can for these characters.

I will return to the bank shortly, but before I do I want to address the other side of the Fine Gael motion, which deals-----

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