John Gerard Hanafin (Fianna Fail)

In looking for a debate on the banks it has become clear that some of the bankers have received non-recourse loans which means that if they are not paid back, one has nothing to come back for. This is an unsustainable position and we must do whatever we need to do to ensure any non-recourse loans taken out by a bank official are found not to be legal because it was an abuse of the system.

Those who suggested we bailed out the banks for any reason other than to help the State should remember that two years ago we spent all night here ensuring we would have a banking system solely for the benefit of the State. We hold no brief for bankers. Let us be clear what would have happened: banks would have closed; ATMs would have stopped paying out cash; standing orders, direct debits and accounts would have been frozen; and the bond markets would have turned their backs on us. We saved the State on that occasion and must continue to do so.