Arthur Morgan (Louth, Sinn Fein)

The Minister did nothing about it because he was not forced to do anything about it. The difference is that there is now international pressure to get some common sense into the Government. The sooner that happens, the better. Financing these zombie banks can buy time but not indefinite time. We must underpin banking and financial stability. This banking system cannot be salvaged in its current form and cannot be saved while the Government is holding the reins. The State needs a Government clear-out, not a banking clear-out. Whatever way the banking crisis is dealt with - whether the Government's inept and corrupt way or, better still, the Sinn Féin way, which involves burning bondholders through negotiation, allowing Anglo Irish Bank to go and not recapitalising the smaller banks - there will be costs incurred. However, the costs incurred by the Sinn Féin plan will be substantially less than what is proposed by this Government. Once the bailout is reduced-----

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