Dan Boyle (Green Party)

That is how we measure wealth. We are a country that has a positive balance of payments, meaning we take more money into the country than we send out of it. However, that is beside the point.

The Minister of State and the regular participants in the Chamber are experiencing something like debate fatigue with what is now a weekly and sometimes bi-weekly debate on the economy, the budgetary process and the situation with the banks. What makes this debate slightly different is that it has more specifics than many of the other debates because it is on the speech of the Minister for Finance in the other House in regard to the ultimate cost of the banking situation. As was said at the time, there is no doubt that situation was appalling and that the figures which have been arrived at are utterly horrendous. As a country, we have to respond.

I am saddened to hear the use of clichés being continued in this debate. There is still a basic misunderstanding of many of the issues involved. Bondholders have approached mythical status in many of these debates but the fact is many of these banks' losses do not reflect the bondholders at all but refer to bank losses in regard to meeting their deposits. While many of these deposit holders could be large wealthy institutions, some of the accounts are held by credit unions and voluntary organisations. The alternative to not adopting this approach is to put in place a far different form of social crisis in this country. I am saddened that we do not have that type of honesty in this debate.