John Paul Phelan (Fine Gael)

I did not get a chance to speak on Second Stage and I wish to raise some questions. They relate specifically to the amendment proposed by the Labour Party. I refer to earlier comments by Senators Regan and Ross. Will the Minister outline to the House what actions are being taken against the directors of the other financial institution involved with the private loans of the chairman and the directors of Anglo Irish Bank? I received many requests from people interested to know if any action is being taken against the management, the board and the directors of that organisation, namely, Irish Nationwide. Will the Minister inform the House of the position in that regard?

The nationalisation of Anglo Irish Bank possibly exposes the taxpayer to a very significant liability. It could be €30 billion or a good deal more and the Cathaoirleach's guess is as good as mine. There has been a good deal of comment recently in the media on this matter and there was a very interesting article in The Irish Times today by Professor Morgan Kelly. He spoke of the possibility of debt being incurred of up to €20,000 per household. I realise the Taoiseach's view is such claims amount to scaremongering, but these are legitimate fears for the Opposition to raise. Those fears have not been addressed by the Minister for Finance, the Minister of State at the Department of Finance or anyone else who has spoken on the matter. More questions than answers arise from the proposed legislation. Will the Minister shed some light on these issues?