Marc MacSharry (Fianna Fail)

I certainly will not interrupt anyone but one must deal with the facts to hand. While one may discuss the American situation if one wishes, at issue here is the Irish situation and the fact remains that this debate pertains to liquidity. The solvency issue still is up for debate and there may be some banks which will be obliged to have write-downs and there may be impairments. However, I am confident that because of the interventions of the Central Bank and the Financial Regulator in recent years, about which one may not often have read, there will not be impairments that the capitalised system in our banking system is unable to sustain.

Ultimately, this action has not been an intervention by way of helping, saving or bailing out Irish banks. It is about what my friend and colleague, Senator O'Toole, who I greatly respect, has stated it is in recent days in the House; it is about saving the economy which is our people. Lest anyone is under any illusion, the economy, banking system and society are inextricably linked. One depends on the others to survive. Were the banking system to go, it would have adverse effects on society, the economy, the people and our ability to sustain jobs and operate on a day-to-day basis. That is the reason this measure is important. It arises from an international seize-up that, as all international experts will acknowledge, predominately was caused by reckless banking practices in the United States, not in Ireland. I again acknowledge there will be bad debts.