Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I was lucky to be in the Chamber to hear the contribution from the Leader of the Opposition, Deputy Micheál Martin because I think Fianna Fáil is indulging in significant revisionism. I remind the members of Fianna Fáil that they caused the crisis. It is sour grapes. They are not accepting responsibility for the situation. They created the situation for the banking crisis. Deputy Martin was a member of the Cabinet the night the guarantee was introduced. He did not speak about how it came to that point. We were informed it was an issue of liquidity rather than an insolvency issue. Deputy Martin was a member of the Cabinet during the period that the promissory note was introduced. Fianna Fáil and the Green Party negotiated the promissory note. The Minister for Finance was the late Brian Lenihan and Brian Cowen was the Taoiseach. Fianna Fáil structured a promissory note which was effectively designed to give them a run-in to a general election. There was to be no interest charged on first two years of the promissory note. They rolled up the interest.

It was galling to have to listen to Deputy Martin tonight. I do not often make partisan arguments but on this occasion I will be partisan. Fianna Fáil caused the problem but its members have the cheek to come in here and say that they had a hand in bringing about this resolution. They had no hand, act or part in it. In fact, Fianna Fáil was fumbling around in the dark but its members was clever enough to know that they could lessen the load of the promissory note for the first two years. They rolled up the interest and it turned into 8% this year, the same next year and the following year. Up to €5.5 billion interest payments will be hitting the ordinary person and their current accounts.

Deputy Martin referred to the uncertain situation for the Anglo staff. He allowed the situation to develop over a period of time which saw contracts for difference with the Quinn group and reckless lending. Fianna Fáil needs to take responsibility rather than lecturing and preaching. The Fianna Fáil members do not have the moral authority, the political skill or the financial acumen to make that comment.

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