Shane Ross (Dublin South, Independent) | Oireachtas source

I agree with my colleagues who stated that this corporation's necessity reflects the precarious nature of the Irish banks, not the great confidence that we are used to hearing from official sources. The Minister is well aware that the formerly largest shareholder in Bank of Ireland, once a welcome shareholder but now no friend of Ireland's, recently dumped his shares on the market. He dumped a portion of them in March declaring that he had no intention of selling any more, was locked into 90 days and, on the 90th day, sold the rest. The lesson is that not only are those shares prey for vultures, but people who are objectively watching what is happening in the Irish banks, even people with profit motives, are doubtful about the banks' future. The share price has dropped from approximately 39 cent to 24 cent, a reflection of the level of market confidence in Bank of Ireland, of which I hasten to add I am a small, but destitute, shareholder. AIB has fallen proportionately to approximately 9.5 cent. The confidence in the Irish banks that is regularly blared by propagandists on the airwaves is not shared by the international holders who found the banks a convenient vehicle for coming in, ripping off money and leaving with several hundred million euro in their pockets at the expense of the taxpayer.

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