Shane Ross (Independent)

Nothing would surprise anybody about Anglo Irish Bank and the activity it has been up to. There is probably a lot more to come from that particular source. What was discovered by David Murphy of RTE last night was far more serious because I have never seen more obvious evidence of a cartel being run by the banks than this particular activity which has been revealed for everybody to see. It is all very well for a cowboy bank like Anglo Irish Bank to carry on in this way — we got used to that — but Irish Life and Permanent is one of the pillars of the Irish banking, insurance, assurance world. It issued a statement last night which was utterly ridiculous and comical. To see it apparently bail out its friends in Anglo Irish Bank is clear evidence that something is going on which is not in the interests of the taxpayer. If I were a shareholder in Irish Life & Permanent I would go bananas to think that €7 billion of my money was going to help a rival which was in danger.

We must remember, because it does not seem to have been picked up, at the time the money was put in on 30 September, the guarantee was not in place. That money was really at risk. It had been announced but it was not in place. It had not passed through these Houses and there was always a danger it would not pass, not just because the Bill could have been defeated but because something could have happened in the meantime which would have altered the situation.

This was grossly irresponsible. However, what is even worse is that the statement from Irish Life & Permanent last night gave the distinct impression that this was normal behaviour on behalf of the banks.