Joe McHugh (Donegal North East, Fine Gael)

I have a few questions. Is the Garda adequately resourced with financial expertise? Has there been a putting together of brains to ascertain whether there has been malpractice or other misdemeanours within the banking industry, specifically within Anglo Irish Bank? Are there enough accountants involved? Are enough civil servants in the Department of Finance assisting the Garda investigation? During the week a HSE spokesperson stated that 2,000 people were working in HR in the HSE, but that only 800 were needed. With such public service fat, are we diverting all the resources with the skills and expertise to ascertain what went wrong, where it went wrong and how we deal with the obvious outcomes?

Populism was mentioned by the three absentee landlords in charge of the country who have left, but who blame the Opposition.

Some people want blood. They want prosecutions and they want justice to be served. However, I spoke to a gentleman earlier who is in the middle of a house repossession and I asked him whether he wanted blood or a bed to sleep at night. He said, "Blood is not much good to me if I do not have a bed to sleep in".

Ageism is a problem within the Government with Ministers having no appreciation for the level of negative equity facing my generation. These people are affected through no fault of their own. They bought at high prices because they needed a home and now they are in negative equity of between €200,000 and €300,000. There is a vicious circle. Banks need capital and their shareholders will not vote for a package to bail out people facing mortgage default. Mortgages are assets and each month the banks say they have money coming in. On the other hand, they are advertising liabilities, that is, savings through the broadcast media. They are, therefore, promoting liabilities while they need capital. They have what they consider to be assets in mortgages but 300,000 people will default over the next 18 months. The banks will not have capital and they need to realise, along with their shareholders, that their shares will become irrelevant. The reality is it is an ageist problem not to sort out people in negative equity who will not have a pillow to put their heads on within the next 18 months.

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