David Norris (Independent)

However, I will say this. The Minster knows perfectly well that I have been concerned about Anglo Irish Bank, and that concern is now clearly shared by the Commissioner responsible, who has indicated these concerns. That does not give me any pleasure but it is a plain fact. I also said this very early on, about January, but there was some confusion because I was interrupted and heckled. I was telephoned afterwards by the parliamentary reporters, who do a superb job, but I am not sure I got it right. However, I will say now what I said then, namely, that I believed it was not a tsunami or an earthquake but a man-made situation; therefore, it was susceptible to a man-made solution. We can consider what worked. In the National Treasury Management Agency I suggested a national property management agency and prior to this I suggested the amalgamation and nationalisation of the principal banks in a clean surgical move. I suggested towing Anglo Irish Bank into the sea and sinking it.

The Minister for Finance, Deputy Brian Lenihan, told the House this could not be done because the bank was of systemic importance. I am interested in the language and this tells me the system had to be saved. This was not so. As it is a world problem, we should address the issue on a worldwide basis.

I remember Gerry Adams saying "They haven't gone away, you know", in reference to the IRA. The money has not gone away either and someone has it. There has been an increase of 25% in the number of billionaires in the United States of America and in the worst of times, the wealth has become more concentrated. We have seen throughout the world and this country the greatest transfer I have ever witnessed from the poor to the wealthy, which is wrong. The system should be examined.

I have been attacking Standard & Poor's, Fitch and Moody's for 18 months and at last the political establishment has caught up. These types of firms were involved in derivative products and helped to sell them when they either knew or should have known that they contained toxic elements. Despite this they kept pushing such products, precipitating the crisis. They got it wrong about Enron and Iceland and were involved to a certain extent in Greece with partners in the form of Goldman Sachs.

I am not proud of the fact that an Irishman was sitting on top of that particular cake. It is disgusting. I read an article in one of the leading London newspapers at the weekend and I hope the facts therein are wrong. Facts and figures were provided indicating that Goldman Sachs was knowingly involved in the precipitation of a famine in places like Ethiopia through the use of devices and financial instruments to obtain a position where it could gamble on food futures. That is a disgrace and people died as a result. Such firms should be held to account and I would like a radical examination, not just in Ireland but throughout the globe, in that respect. I have not used my full allocation of seven minutes of speaking time.