Dominic Hannigan (Labour)

Today is D-Day for the Minister for Finance, Deputy Brian Lenihan, and how he deals with the Irish banking sector. As one commentator in The Irish Times put it, it is the most significant day in the country's economic history since the foundation of the State. We have spoken before in this House about whether we should nationalise the banks. The fact is, however, that by the Minister's actions today in pumping in over €20 billion to shore up the banks' capital, they are in effect being nationalised. As previous speakers have pointed out, this means that over €6,000 for every man, woman and child in the country will go to propping up the banks. I am glad the Leader has arranged for a debate on this issue tomorrow because much has changed since we originally debated the NAMA legislation. Indeed, many Members of this House and the Lower House have also changed their views in this regard. Yesterday, a leading Government backbencher of 28 years' standing announced he does not think the plan is workable. He is worried about the long-term interests of the banks.