Fiona O'Malley (Independent)

I am glad to have this opportunity to speak on the debate on this scheme. I share the concern of everyone else that we are at a difficult time in our evolution as a country. It is frightening in a sense where we find ourselves.

I have great sympathy for the Government, especially the Taoiseach and the Minister for Finance because they are dealing with a situation that is changing all the time. While I accept that politics will always be politics, there is a time when we have to put that aside and consider the welfare of the country. Time and again the Taoiseach, when questioned in the Dáil by the Leader of the Opposition, has been asked to hold a general election. I often wish the Leader of the Opposition would suspend that questioning for just for one week until we deal with the issues before us. One of the reasons the Leader of the Opposition gives the Taoiseach for seeking a general election is that he had promised us this would all be over now and that this was to be cheapest bailout, as the Leader of the Opposition continues to call it, and none of this appears to be true. I am sure Deputy Kenny, in moments of quiet reflection, when he thinks about how he would behave, conduct himself or lead a Government were he faced with the same challenges facing the Government, would realise that it is difficult to have absolutes at a time such as this.

The criticism that is always made of the Government is that it has not been able to provide certainty to the market. This is the reality and the difficulty. What we need to appreciate a little better in this country is that we are not alone in the difficulties we face. While we might look back at the period since the economic collapse and question whether we maximised the opportunities or gave the right answers, no one can be sure of that yet. We also need to appreciate that we are now looking back at that time with the benefit of 20:20 vision and that adds a different complexion to dealing with the scenario. Ordinary politics does not have any relevance in dealing with a situation like this. I heard the leader of the Labour Party criticise the Taoiseach on his conduct. Given the difficulties we face, the Taoiseach constantly faces such criticism week after week rather than being able to rely on the support of his parliamentary colleagues when he is trying to do the best for his country.

The independent report conducted by the Governor of the Central Bank indicated that the course of action taken by the Government in offering the guarantee was the least worst option as such. That needs to be recognised. While the leader of the Labour Party believes his party was right that the guarantee should not have been given, he fails to recognise what would have happened had the guarantee not been offered. We would have been faced with an immediate collapse of the Irish economy. That seems to have been lost on him and he is not an unintelligent man. I do not know why he continues to persist with this notion.

I am sure the Government was somewhat cautious, which is probably the best word to describe it, in offering this guarantee. We have discovered that the whole truth was not given by the banks on that fateful night when an immediate decision was required. That is why I will always have sympathy for the Taoiseach, the Minister for Finance and members of the Government who, with the best advice available, had to take a decision. Take it they did and in doing so they averted a catastrophe. The way the market has played on since and what we are required to do to keep our economy floating is unfortunate. That we find ourselves here again today approving this scheme is not where we would like to be.

Having regard to what we have learned from the process since September 2008, I would say that we were not tough enough on the banks. I was pleased to learn from briefing notes that the position of the Minister for Finance is that we are to have a good examination of the structural problems within the banking sector. That is critical. We must do that at this point. We failed to take the opportunity to do it before. This is a moment when we need the solidarity of everyone in the country working together. As we deal with the difficulties we face over the next few weeks, we need to remember that thinking about each other and that sense of community which has delivered great success in our country and is part of the proud tradition of our heritage and our inherent decency of one to the other.

My final point is on how the banks have conducted themselves. The people of this country have taken on the burden of the banks and the way the banks have shown gratitude for that is to continue to operate as if none of this has happened. Bonus after bonus is being offered, given and collected by staff and that is not acceptable. Bonuses are meant to be given for outstanding performance. How can anyone who has been working in the banking sector during the past five years consider himself or herself worthy of a bonus? People need to ensure that does not happen. We would have expected that there would have been a complete change in attitude when the people came in to help the banks but, unfortunately, there was not. I hope in this instance we take the opportunity to demand change and that the banks, in particular, will not even contemplate offering a bonus to anyone because certainly no one has earned it at this point.