Shane Ross (Independent)

I am sure Senator Norris will be pleased with the reference to Independent Members' sitting on the boards of the banks, even though he is not here to hear it. No doubt someone will convey it to him in due course.

The speech made by the Minister of State confirmed some of the difficulties many of us have with this scheme. It is as difficult, as the Fine Gael Party has found, to oppose a scheme of this sort, as it is to oppose a rescue bid for the banks, because one may be easily portrayed as irresponsible when one does so. What the Minister of State said in the first part of his speech perpetuates the myth that has been part of the propaganda about this scheme, which is that Ireland is a victim of global turmoil in the international financial markets. That is absolutely true — every financial centre and sophisticated economy in the world is a victim of the financial turmoil — but let us not pretend that what is happening here has nothing to do with ourselves, our domestic policies, our own banks, our regulators and our Government, because it has. It is impossible to determine the proportions in which blame should be allocated but, undoubtedly, one of the main reasons we are in such a big mess today is reckless lending by the Irish banks to property developers with the connivance of the Government. The dogs in the street are barking about this, but it was not mentioned in the Minister of State's speech. There are three parties to this. The global problem is one aspect; that is fine. However, the Government, the developers and the banks here were up to their necks in irresponsibility as well.