Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The banks have not been left in private hands. They have been taken over by the State. AIB is 99% owned by the State, Bank of Ireland is 14% owned by the State and Permanent TSB is 99%-100% owned by the State. The reason building societies were taken over by the State was that they went bust and there was a need to protect the people who were doing business with them, including those who had mortgages. What the Deputy has said simply does not correspond with the facts of the situation. Anything that has happened is in the interests of the people who have mortgages. That is the position.

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