Rónán Mullen (Independent)

We must ask, therefore, why the guarantee is being extended and why bondholders have been compensated for credit risk. Should we not at least be considering withdrawing the guarantee, from Anglo Irish Bank and Irish Nationwide at a minimum? While we need to protect our two major institutions, we can argue that the peripheral ones are of less consequence to Ireland. If we do not reassess this matter, future generations of taxpayers will be guaranteeing the recklessness of developers and banks.

Accepting the inevitable bailout without looking at cutting the guarantee may do nothing to relieve the burden on the Irish taxpayer. It is simply that we are kicking the problem further down the road. Our circumstances today are no worse than those that would have obtained had we not guaranteed the banks in the first instance. That is a debate we need to have. It is inevitable that there will be certain developments, and the bailout looks like it will be among them. We should at least be considering this issue. People do not feel they have had a satisfactory answer to the question of why we continue to support the past irresponsibility of banks and bondholders who took certain risks. They seem to be the ones who are not paying the price.