Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The banks have an obligation, particularly those that were bailed out by the State, because they are essentially proposing to outsource their difficult or dirty work rather than doing it themselves. No one has any difficulty with improving the health of the balance sheet but it is critical that it is not done at the expense of ordinary people in business, small and medium enterprises, farmers or those in family homes or who have very basic mortgages. Many significant, high-flying businesses got very significant reductions on their loans and were treated very differently. Mortgage holders could have a reasonable expectation that they would get the same discount as any vulture fund.

I take the Taoiseach's constructive statements on board but it is important to note that we do not have a huge amount of time. The Bill will be introduced today and we will bringing it to the Dáil as soon as possible. However, we will need the co-operation of Government and the remainder of the House not just to progress the Bill through Second Stage in a thorough manner but also to deal with it expeditiously on Committee Stage in order that it can become law. It cannot be allowed to languish on Committee Stage for ever and ever. This is a crucial Bill which will affect the daily lives of many families. We have an obligation to protect them and to put flesh on the bones of our words and rhetoric.

The only effective way to do that is to pass this legislation and send a message to the State-owned banks that the State is the shareholder and that this is behaviour it does not countenance or want to proceed.

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