Shane Ross (Independent)

He will not be able to sell them and he will be back to the taxpayer looking for €1.5 billion shortly. This is a matter of great urgency, and it indicates — I say this with no pleasure as I have an account with this bank — that AIB is under a great deal of pressure. This is very serious and the House is entitled to debate it.

We are living in a fool's paradise here. Those who resent the comments from abroad, particularly from the IMF, are wrong. What we are hearing from the IMF is the unpalatable truth, which is that our banks are in trouble, perhaps incurable trouble, and they will have to be nationalised. That is justification, if there ever was any, for a debate in the House. We should not run away from it. We have plenty of time today. The NAMA issue is not a simple one. It is complicated. Someone will lose and it is time the Government came clean and told us who. Will it be the bank shareholders, the banks, or the taxpayer? It will be one or the other, and the price of the loans will make all the difference.

We should also ask the Government to consider the position of the board and the chief executive of AIB. They are all still in situ while they come to the Government, cap in hand, looking for €5 billion. This is a serious matter that should be debated in the House, and we should do so today.