Dan Boyle (Green Party)

The seriousness of the economic situation in which we find ourselves cannot be overstated. I am encouraged by many of the contributions from the Opposition benches which recognise the need to tackle it. We must recognise that we are very much a hostage to international factors and that the actions we take within this jurisdiction will determine whether we can emerge from it in a healthy economic state. Despite the figures announced today, I remain confident that we can, but it requires a degree of political sophistication and maturity that, for the most part, has not always been evident. It is unfortunate to hear analogies with what happened in Pearl Harbour being used in the other House, particularly when that event was ultimately followed by the dropping of the atomic bomb.

The bank guarantee was necessary. It has been described by the Governor of the Central Bank as too broad in its focus, but the bank guarantee extended last night was different. It offers means to the Minister for Finance to exclude certain financial instruments. Mistakes have been made and lessons have been learned. What astounds me is not so much the figure for Anglo Irish Bank, as it has been slowly emerging, particularly through the efforts of NAMA, but the sum of €3 billion going to Allied Irish Banks. It is something of which we all should take stock. A major mistake was made in appointing personnel from within the bank. The people appointed then are now standing aside.