David Norris (Independent)

It just has not given it the red light. We need to look at this again. The US had a similar situation with TARP I. They voted it down and brought in TARP II. We know that the loan amounts are grossly inflated. We are putting in €77 billion. The value of the loans is less than €37 billion. We are told we need to spend a huge amount of taxpayers' money to provide a functioning bank service. The bank system is not functioning. Loans are not being provided to productive businesses. People who want to switch their mortgages are forbidden from doing so. We really need to examine taking a lower amount of €40 billion to write down the bondholders by €20 billion and put in a capital injection of €20 billion. Then one may find oneself in the same current NAMA position on which we are spending so much money. It is important to discuss these vital matters in the House.