Maurice Cummins (Fine Gael)

I have no intention of taking up the eight minutes allotted to me, as I will be brief. Anyone who has spoken to people on the streets in recent days will have noted that they are afraid. They are concerned about their bank deposits, mortgages and social welfare payments. There is a general fear in the body public. It is important that people be aware that their deposits up to €100,000 are safe and I support this measure. However, when considering the eligible liabilities guarantee scheme, I note it also encompasses senior unsecured certificates of deposit, senior unsecured commercial paper and other senior unsecured bonds, notes and other forms of senior unsecured debt specified by the Minister and approved by the European Commission. We should never have taken responsibility for Anglo Irish Bank. It was one monumental mistake not to allow it to fold on day one and allow the unsecured bondholders to take a hit. They should have taken a hit. What we heard at the time about how it would reflect badly on the country if bondholders took a hit was a load of waffle and rubbish, as we now know. The bondholders were gamblers who had gambled on the markets. We were prepared to bail them out and let the people - taxpayers - pay for the mistakes of bankers. That is what has happened. Let there be no mistake about it. It is no wonder people are angry in the streets.

The record of the Government on banking is, at best, incompetent and, at worst, deceptive. The Government is still in denial. Even in the past week Ministers have been trying to deceive ordinary decent taxpayers. Some of them said no negotiations were taking place, while others said they had started. They do not seem to know where they are going with finance and banking policy. The people are aware that every target the Government has put in front of them and the Houses of the Oireachtas has been missed by miles.

I listened with interest to Senator Boyle on the Order of Business this morning and during this debate. Irrespective of what Senator Leyden stated, I predict that the Green Party will soon run from the sinking ship. If Senator Boyle's utterances reflect current Green Party policy, I have no doubt it will run from the sinking ship in a very short time.

In the last couple of days in this House I have heard Members talking about going back to the old Sinn Féin adages of "We Ourselves" and "Ourselves Alone". What a load of rubbish. Are the same Members talking about going back to using the British pound? Where would we be without the help of our European partners? That question should be asked. We would not be in a nice place.

Fine Gael will support the guarantee of deposits of €100,000 and less, but we have grave reservations about guaranteeing unsecured paper. This is a matter of grave concern to my party and the Labour Party and everyone else. People are fed up with the notion that they must pay for the mistakes of others, whether the Government or the bankers.