Dan Boyle (Green Party)

We find ourselves here because of the activities of an enterprise which was largely owned and run by individuals who have shown by their behaviour incidents of individual greed that have undermined economic confidence, shown contempt for the law and made matters difficult in terms of the future financial stability of the country. This debate cannot proceed without noting the widespread contempt that many of us in public life feel for such activities. The Bill to nationalise the third largest bank in the country has come about, not because the bank is insolvent but because it has lost credibility due to the activities of such individuals. All other options have been examined in recent months, including whether this enterprise could trade out of its difficulties, whether it could find additional investors to allow it to do so, as well as State involvement through a number of support schemes, including not only the existing deposit guarantee but an enhanced bank guarantee scheme. All such efforts were undermined by the efforts of the individuals in question who saw this enterprise as nothing less than a personal play thing. Those involved in public life cannot stand by and allow such standards in corporate life.

I welcome the Minister's acceptance that regulation to meet the situation in which we find ourselves needs to be dramatically changed. We have presumed that such persons could not honourably exist in Irish commercial life. The fact that they do and have wreaked such havoc and damage is something with which we in the political system representing the people must deal. Nationalisation must happen because it is the only option available to the State because it involves the lowest cost at a time when we do not have the resources to deal exclusively with such an issue.

We must remember we exist in an international environment. In the United States there have been seven policy approaches to its banking system since last year. Senator O'Toole mentioned the change of policy on the part of the British Government which this week has made a second attempt to directly input funds into many of the country's major banks, none of which has done anything in releasing money for lending or in bolstering their share prices. We at least have had the opportunity to examine the situation as it has unfolded and to look at every policy approach. I am confident that in taking this decision we are giving ourselves an opportunity to rid ourselves of a cancer in corporate life, to put in place appropriate corporate standards and people to enforce them, and to give ourselves a vehicle with which to inject the necessary degree of urgency.

I agree with other speakers that this nationalised institution that we will bring into being in passing the Bill offers an opportunity, but it is not one that we can use to say it is business as usual. The business model that was lionised, that put so much faith in the property market, is not one that will ensure a viable financial services sector into the next decade and beyond. We need to lend money but need to do it differently. We need to lend to people to allow them to upgrade their homes in terms of energy efficiency measures. We need to lend to small and medium enterprises in the context of the new green deal. These are not arguments being articulated by the Government or my party in government only; this is the accepted approach to economic development that we hear articulated by the new President of the United States.

At the same time there is an international recession, the extent of which no one knows; we are collectively dealing with a problem in the banking and financial services sector that is affecting this country more than most because we have chosen an economic destiny that leaves us open to international pressures more than most. In having a nationalised financial institution we at least offer ourselves the prospect of trying to direct economic activity in a way that we are unable to do through other financial institutions whose priorities have not been in the interests of the overall economy and the citizens of this country. I ask people to be angry about the circumstances that have led us to be here, to be cautious about the risks that face us, but also to be confident that there are opportunities in supporting a measure such as this and making the changes we must make.