Billy Timmins (Wicklow, Fine Gael)

It is ironic that banks were given money but they were not regulated by the Government or the people who provided the money. Now the institutions that provide the money want to lend to the same banks so they can be repaid the money they provided in the first instance, with no responsibility attaching to the money. Ultimately, the taxpayer must foot the bill. The irony is that the same taxpayer entering a bank looking for credit is refused. Circumstances and conditions have been created by our banking system and the taxpayer is bailing out this system. Is it any wonder the public is so angry? No one believes this Government. In the initial stages, the bailout of Anglo Irish Bank was to cost nothing, then it was €4 billion, then €12 billion, then €35 billion. The bank bailout will amount to some €50 billion but some commentators suggest it could go as high as €80 billion. Who do we believe at this stage? All we know is that the money is going into a black hole and no one seems to be responsible. No one believes the proposals the Government is putting forward.

The policy on senior bondholders seems to be set in stone but I believe this will change in the years ahead because this country and the European Union cannot carry such a luxury. The Minister alluded to the National Pensions Reserve Fund. It was part of the Fine Gael policy to use the money but for a growth package, which the current Government has failed to include in any policy documents. Much of what is in the memorandum of agreement has been spoken about over the past number of years. The Government produces documents and talks the talk but does absolutely nothing.

I listened to Mr. Danny McCoy recently and he spoke about the emphasis on those growing the cake as opposed to those slicing the cake. For too many years in this country, those who sliced the cake had an input. There is a political tsunami on the way and I know that socialism and a move to the hard left is not the answer.

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