Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I actually heard the Deputy speak and thought he spoke very constructively. One might not agree with everything he said but he made some good suggestions. His contribution was described as a rant. I heard the Tánaiste earlier, still in election mode 21 months on, blaming Fianna Fáil for destroying the country. It was almost a repeat of the election debates, with him talking about "Frankfurt's way" and "Labour's way". He was giving out about the bank guarantee, claiming he voted against it. He knows his Taoiseach voted for the bank guarantee. His own party voted against the bank guarantee, not because of the guarantee itself but because he felt the Government would have too much power and control over the banks. He wanted to nationalise the banks but there is no great difference between nationalising the banks and guaranteeing them. Their debts still have to be dealt with either way.

An awful lot was said before the election and a lot of mythology was peddled and continues to be peddled. The bottom line is that the bank guarantee was introduced because of liquidity issues, not only in Irish banks but across Europe and the United States.

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