Dan Boyle (Green Party)

I understand senior debt in all banks amounts to approximately €15 billion, while subordinated debt amounts to €10 billion. These are the figures I have heard. It is a pity people cannot make a distinction between types of debt. It is dishonest to suggest all debt can be eliminated with the flick of a wrist. At best, we will be able to negotiate a discount on debt. Even to touch senior debt we would be required to first consult the European Central Bank and our partners in the European Union. This is the position in which we find ourselves, regardless of which party is in government. It is wrong to suggest the agreement reached with the European Union and the International Monetary Fund can be renegotiated. The legislation is especially important for this reason.

While it may become nauseating with repetition, I must again point out, as I do each time the House passes banking reform legislation, that the frustrating absence of action against individuals whose activities, greed and avarice brought us to this point sits ill with the people. Action must be taken to identify the individuals in question and use the judicial system to call them to account for the most serious economic crimes committed in the history of the State. The lack of activity in this regard is driving the anger and frustration of members of the public.

This legislation is necessary as it can be used for beneficial purposes to ensure the events of the past are not repeated. In passing the Bill we must realise, however, that a more serious wound needs to be healed in the economy and society.