Shane Ross (Independent)

I wish to endorse what previous speakers stated with regard to Irish Life & Permanent being put in the frame in respect of this matter. My understanding of this matter, which is based only on press reports, is that if the transaction in question took the extraordinarily circuitous route outlined - which was utterly deceitful - it was not actually Irish Life & Permanent's funds which were involved. Irish Life Investment Managers, ILIM, manages the funds of small investors. What happened in this instance was that €7 billion of such investors' funds were put at risk when they were transferred to Anglo Irish Bank, which was not under guarantee at the time of the transaction. The situation is much more serious than people realise because this was not an ordinary transaction.

The recapitalisation of the two main banks confirms some of our worst fears because it represents a bloodless victory for the banks. One need not engage in any great examination of this matter in order to know who won this battle. The recapitalisation is something of a coup d'état and the banks have pulled off an incredible stroke at the expense of the Government. If one considers any of the issues involved, it is obvious the banks got what they wanted in respect of them.