Shane Ross (Dublin South, Independent) | Oireachtas source

I was somewhat surprised to hear the Taoiseach say rather proudly this morning that the banks were back in what he called profitability. It is not surprising that the banks are back in profitability because the banks are allowed to do exactly what they like once again. One of the reasons they are back in profit is simply that they are allowed to pick their victims. The victims are identified in this evening's motion - the variable rate mortgage holders.

Some time ago I could think of no worse way to run a bank than to put it into public hands. I must say that now when I hear the Taoiseach say it will be re-privatised I begin to shudder. However, the worst possible combination is a bank which is in public hands but is being allowed to behave as though it was some sort of private bank, publicly quoted, with its own autonomy. At the moment the banks - I do not think there is any doubt about it - are once again allowed to do exactly what they like. In defence, the Minister of State, Deputy Harris, yesterday said the Government could not possibly interfere with what was happening in the banks. That is nonsense; it could, but it will not.

At the moment there is collusion going on. There is a cartel, as I believe Deputy Boyd Barrett identified, being run by the pillar banks with the collusion, consent and indeed the encouragement of the Government. It suits the Government's agenda to allow these unfortunate 300,000 people to be crucified by the banks and to step away in a Pontius Pilate way and say, "It's nothing to do with us; it's the banks doing it." It is the Government's duty to interfere if that is the word it wants to use. It is its duty to say, "No, we no longer will allow this sort of cartel to develop." Instead of that, it is encouraging what it calls pillar banks. It is its policy to allow a cartel to develop.

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