Seanad debates

Thursday, 16 December 2010

Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages

 

2:00 pm

Photo of Joe O'TooleJoe O'Toole (Independent)

The reason he does not refer to the report is because Professor Honohan went on to suggest that the guarantee was perhaps too extensive. As the Minister does not want to acknowledge that finding, he sticks to the other argument.

Without being patronising, the jury is out on what would have happened to senior bondholders. I concur with the Minister's thesis because I am not comfortable with the idea of burning the bondholders but that should be his answer. Fine Gael was clear in its support for the guarantee and Professor Honohan was explicit on the need for one. The Minister's constituency colleague should be told that the argument has already been concluded every time she raises it. We rely on Professor Honohan for disinterested opinion in this area. The Minister can argue his case on the other issue because nobody knows what would have happened.

I understand why my colleagues tabled amendment No. 1. Can the Minister imagine telling the Irish people that the Oireachtas passed legislation to restore Anglo Irish Bank? The people will walk towards Senator Donohoe on that issue.

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