Brian Walsh (Galway West, Independent) | Oireachtas source

I thought I had a little more than three minutes. Anyway, it has been difficult to listen to Deputy Micheál Martin and his colleagues in Fianna Fáil pontificate and criticise us this evening. Let us be clear. The only reason we are debating this issue is because the Minister changed the relationship framework put in place by Fianna Fáil. Under the Fianna Fáil-negotiated relationship framework there was no requirement for the board of IBRC to consult the Department of Finance or the Minister and it was particularly difficult for the Department to investigate any transactions. Let us make no mistake about it. We would not be in the House debating this issue tonight had the Minister not strengthened the relationship framework, since this allowed him to examine these issues. He went a step further and decided to avail of the new relationship framework to investigate retrospectively the decision of the board of IBRC, a board appointed by the Fianna Fáil Cabinet at the time, including Deputy Micheál Martin and Brian Cowen. The criticism of the Minister for Finance, Deputy Noonan, that I have listened to tonight is entirely unjustified, unwarranted and unfair.

Reference has been made tonight by members of Fianna Fáil to the €105 million of losses on this particular transaction. It is true that €105 million is a considerable amount of money, but there was no mention of the fact that this was €105 million of €34 billion lost by Anglo Irish Bank or IBRC during Fianna Fáil's reign of office and under the catastrophic mismanagement of the economy that the Fianna Fáil Government oversaw.

Do they not realise the commercial reality of the case? The fact is that a significant number of the losses in banks were created because the banks decided to dispose of assets at a figure far below the value of the loan. That is what has created the losses and that is why Fianna Fáil had to introduce the bank guarantee and create the bad bank and NAMA. It was to crystallise the losses in the Irish banks.

Some of these Members came to the House to speak on a Private Members' motion on mortgage arrears last week. They were critical of the Government, suggesting that it was not forcing the banks to write off mortgage debt for individuals caught in the spiral of rising house prices, and rightly so. They were right to ask and force the banks to do that. However, when the same principle is applied to commercial entities, as in this case, they are critical of the Government.

I thought I had more time. Anyway, the criticism of the Minister in the debate tonight is very unfair. He acted prudently when he strengthened the relationship framework. As I said earlier, the only reason we are in the House discussing this matter is because he strengthened the relationship framework. That allowed departmental officials and the Minister's office to investigate these transactions.

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