John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Deputy Sean Fleming reminded me of the debate that took place around that time on his suggestion regarding Anglo Irish Bank. I was one of those who supported his point of view. There is not one person in the country who would not be happy that Anglo Irish Bank and IBRC have been removed from the banking landscape and that this deal is in place. I respect the work done by the officials, the Minister and the Government to achieve what they have achieved. I was conscious as we went into the final session of this debate that we should be talking about a debt write-down and debt forgiveness. I say this because as we make the deal for the bank and look towards finding ways of supporting the other pillar banks, we must turn and face citizens and ask what are we going to do for them because they are asking us the same question. If we can kick the can down the road for the banks for 40 years, why can we not adopt a similar approach to personal and mortgage debt within the banks for citizens? This would give them the same opportunity that the country is getting. With the kicking in of the increase in inflation, we would see the debt come down to a rate with which we could easily deal and numbers we could easily comprehend. If we do not take a stern hand to the banks, they will continue to penalise those who have mortgages and are in personal debt. The Taoiseach made the case this morning that the banks were dealing with this issue and that the Personal Insolvency Act 2012 was in place, but this is happening too late for them. If we can conclude a deal for the country, as we did with the European Union on IBRC, surely as a Parliament, we can turn around and kick the banks into shape, provide the legislation that will give relief to all those in serious personal and mortgage debt and turn to the banks and insist on they ding business with SMEs?

Deputy Barry mentioned the bank that was looking for business. When I watched television last night I saw the French owner of a business on Moore Street declare that he received no support from the bank in question. The general consensus in the SME sector is that the banks are simply not supporting Irish businesses directly by giving loans. The man to whom I refer is one example who was clear in his position and had proved to the banks that he had a successful model, yet they refused to give him money. Many with Chambers Ireland and other national organisations who represent small firms will tell us that the banks are not lending.

I will turn to the television programme broadcast last night which examined Irish Nationwide Building Society under Mr. Michael Fingleton and on which witnesses spoke about their involvement in the company and the lending practices followed at the time. I find it amazing that in spite of the best efforts of committees of the Houses, we cannot get to the point where all of these witnesses can be brought before them to outline their experiences within the company, their misgivings about it and their explanations for banking practices and loans given at the time. As time passes, we will find that the main players who were central to the banking crisis will move off the stage and not have to account for themselves before a committee of the Houses. If RTE can do it, surely there is a way for the Government to provide the legislation to allow the committees to conduct such inquiries? I have serious misgivings about the Oireachtas (Inquiries, Privileges and Procedures) Bill that will be brought before us shortly. However, as RTE unfolds the story, we should seek out those who are willing to participate at committee level and who were central and on the boards of banks to allow them to come forward and give their side of the story before it is too late and we have nothing left but a bad memory.

Memory lapses can cause loose facts to be placed on record. This is the time to do it and it should happen sooner rather than later. I look forward to seeing the analysis asked for by Deputy Sean Fleming of the deal put before the House in order that we can understand what the plan is for the next two to ten years.

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