Eoghan Harris (Independent)

I support the Government's anti-recession policy. However, I put it to the Leader that, because there are internal problems in Fine Gael, it is no time for complacency on the part of the Government as to the extent of public shock on the news that Anglo Irish Bank is throwing away €22 billion. This is most important. It is what I call an iceberg situation. The Government has hit something like an iceberg on this one. It will not go away and it is connected to the wider question of job stimulus and banking behaviour. In that regard, I do not know - I am not an economist - whether we can let it go or whether we just must take the hit, but I do know that, politically, the public will require now a movement on job creation from the banks, especially for small businesses which have their backs against the wall. I strongly recommend that the Government looks at matters such as recourse mortgaging, as in the United States where one can sell one's house and give the bank what one can after it is sold, whereas here one cannot as the bank holds the deeds and will not let one sell the house and therefore there is no market. The Government is not paralysed. It should take on board the need for a small persons' and small business banking system and do whatever needs to be done politically, or else it will rue the day.