Mark Daly (Fianna Fail)

Several Members referred to economists as the new high priests. I am reminded of the observation that if all the economists in the world were laid end to end they would not reach a conclusion. Senator Ross referred to the €7.5 billion which we gave to the banks as a loan. We must remind the public that the banks are paying €500 million a year for the use of the money and that amount comes back to the taxpayer every year. Furthermore, if the Government subsequently sells a property for less than it paid a bank for it, the bank will be required to repay the difference. The taxpayer will not be at a loss. That is the aim of the budget. It is not correct to claim that the Government has bailed out the banks to the tune of €7.5 billion. The Government loaned the money to the banks and is getting €500 million a year for it.