Ivana Bacik (Independent)

I ask the House for permission to share half of my time with Senator Doherty.

I welcome the opportunity to put my thoughts on the record about this Bill. I echo the words of others on this side of the House to the effect that it is a real shame there is not more time to debate such detailed legislation, which we have only seen in a rushed manner.

We are debating in the absence of a great deal of important information that we need. I believe, just as I did when we were discussing the guarantee to the banks, that we are debating in vacuum, without access to the real facts and on the basis of assurances provided to us by the Government last September, which now ring hollow. In spite of the lack of information and the rush, I want to make three important points. As others said, it is vital that those at the top of Anglo Irish Bank are held accountable for the unacceptable practices, to use the Minister's words, which occurred in the bank. I do not see how certain activities could not have implications in criminal law. There are very clear offences in the companies code under the Criminal Justice (Theft and Fraud Offences) Act that might clearly have relevance to some of the practices we have seen at the head of Anglo Irish Bank.

If unacceptable practices have gone on, as we know they have, it should be noted that we legislated to include Anglo Irish Bank in the guarantee in September. I was among the few Senators who voted "No" to the bank guarantee scheme. However, when it was supported by a majority in this House, it was on the basis of a misunderstanding. We assumed that the bankers were acting in good faith and we now know they were not. I wonder if there is not some basis for re-examining the guarantee in the light of the malpractice. The big question the Government has not answered is what the doomsday scenario will be if we do not nationalise Anglo Irish Bank. I believe questions need to be answered on that.