John Gerard Hanafin (Fianna Fail)

I also commend the Minister on his speedy and necessary response. I am reminded that this is not the first time governments have bailed out banks with debts that were regarded as toxic. During President Reagan's era there was a serious problem with the Savings and Loans in the United States. The matter turned around for the US Government when it took over the loan book and it eventually made a profit on it. It is also not the first time that a bank has been assisted in this country. In the Insurance Corporation of Ireland debacle AIB was assisted.

We will need to take this action and do so quickly — I have already commended the Minister on doing so. Further action will be taken. In the past action was taken quickly to help a bank that was in trouble and subsequent events showed that not only did the Government do well out of helping the bank but that the bank levy gave significant sums. I am suggesting that the day of the storm is not the day to fix the thatch. We will get around to regulating the banks and getting our security and more returned. While today may not necessarily be the day to deal with that specific item, it will be done and I have no doubt that the confidence the Minister has instilled into the economy, which is almost unique in Europe today, may result in a net inflow of funds into the country which will place us in a better position.

On an unrelated item, I commend the Standards in Public Office Commission on inquiring as to the source of funding for Libertas. The McKenna judgment has resulted in absolute equality in time on television and radio, and in column inches in the newspapers, which we all accept. I have previously suggested that there might have been other funds coming through to Libertas. It appears that a loan was given that might have been outside the guidelines of the Standards in Public Office Commission. I would particularly like to know if there was outside intervention. Did some of the far right UK parties — I include the UK Independence Party — subscribe? It is a simple question. We play on a level playing field. I have suggested before there was American military intervention. I do not for a moment suggest it was the American Government——