Shane Ross (Independent)

It is extraordinarily difficult to understand how or why this happened. The two main banks had no cards with which to play but they have emerged victorious. They will be given €7 billion and all they have been asked to do is provide some form of financing for small businesses. Apparently they will increase the amounts they were previously giving to such businesses by 10%. They were not providing anything previously so they will not encounter major difficulties in that regard. The position is the same in respect of mortgages. Apparently they are going to increase the extremely low level of provision to first-time buyers by approximately 30%. The two main banks were not lending much money to people in the form of mortgages. These are not concessions. What is involved here is mere window dressing.

There are two other extraordinary aspects to this matter. On radio this morning the Minister for Finance stated that people should not be concerned about the guys at the top in the two main banks because they must go before their institutions' annual general meetings and be voted back in. Some of these individuals go before their AGMs every year and are voted in. When one is a member of a bank board, it is the easiest thing in to world to have oneself voted back in. The banks are self-invested and those involved vote for themselves. The second largest shareholder in Bank of Ireland is the bank itself. Will those involved with the bank vote against the directors being returned to their jobs?