Dáil debates

Thursday, 10 July 2014

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages

 

2:00 pm

Photo of Peter MathewsPeter Mathews (Dublin South, Independent) | Oireachtas source

These are symptoms which demonstrate our current position. As when one is building, one must clear the site before one can start laying good foundations for a new structure. As Deputy Shane Ross implied in his two anecdotes, the banking system is in bits; it is still banjaxed. "Pillar banks" is a rubbish title to give the banks. Wilbur Ross made €500 million within two years and nine months and Archie Kane, chairman of the bank, thanked him for his support of it. He did not do anything for the bank; he wrote a cheque for his investment, which was a one-way bet. He could never lose on his €290 million investment on which he made €500 million. It was a certain one-way bet. The euro system would never have allowed him to lose money, yet we agonise over and debate cuts affecting the most vulnerable and wave goodbye to our young qualified people on the doorstep of new lives. Deputy Stephen S. Donnelly mentioned 39 year old people who should be the ones establishing new enterprises.

The Bill is aspirational; that is all it is. It is characterised by inexperience. It looks good because it is on green paper and written in legalese, but it is actually not connected with what needs to be done. The old debts - the 50% of SME legacy debts - need to be written off to collectable amounts, but the banks are not doing this. They do not have the experienced people to deal with their books. They cannot even answer the telephone. If I ring my bank, Bank of Ireland in Stillorgan, I will be directed to a call centre in Limerick, the staff of which do not know-----

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