Shane Ross (Independent)

One of the measures taken by Government was to take apart a ring-fenced fund that was never to be touched — a sacred cow. That was set out in legislation and that is why we need legislation now. The fund was devised by a former Minister for Finance specifically to make it difficult to raid and to this end legislation is required to change its purpose. The Government has taken the drastic decision to introduce the requisite legislation, with the result that the fund is a completely different creature and is available for all sorts of emergencies, including recapitalisation of the banks. It seems that it will be available for further recapitalisation as necessary. Given that that decision was taken, it is inconsistent to say that because the fund will be needed in the future for its original purpose, which has now been undermined, we will borrow €1.6 billion on the international markets, to which we are already in hock, and pay a vast rate of interest to save the banks. I am making a point of logic rather than a political argument. If that is our intention, we should be honest about it, but if it is not going to happen we should suspend our efforts to borrow €1.6 billion, thereby saving the interest payments at a stroke.