Paschal Donohoe (Fine Gael)

I join my colleagues in calling for a debate on the revelations last night concerning the banking sector. I was very struck by the phrase that our financial institutions need to look after each other during times like these. Where is this solidarity when small and medium-sized businesses go to the banks looking for help? They cannot get help at present.

The reason the recapitalisation proposals that are likely to be discussed in the coming days are to come before the House is because Irish banks cannot obtain private capital from institutional investors abroad. What institutional investor would, on the basis of the figures we heard last night, be willing to invest in the banks? Is it not the case that the revelations could deal a hammer blow to the model that has been proposed for recapitalising Irish banks? It is now even less likely that any international investor will want to invest in these businesses.