Michael Noonan (Limerick East, Fine Gael)

Think of the fatal ignoring of the principle of moral hazard, so that although shareholders were wiped out and those who borrowed recklessly were punished, those who lent recklessly were not punished but had their losses underpinned by the taxpayer. How could anyone have confidence in an Irish banking system underpinned by this set of policies promoted by the Minister and his colleagues in government?

The financial problems of the sovereign State were difficult but they were manageable. When, however, bank debt became national debt, the position became unsustainable.

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