Michael D'Arcy (Fine Gael)

I am addressing the matters involved in an open and fair manner. I know what I would like to tell the unsecured bondholders who account for a figure of €38 billion, but there comes a time when one cannot change course, even after one has been handed new information. For this reason, Fine Gael and the Labour Party in government are advancing the scheme. Handed it in mid-stream, we can either drop the ball and see where the cards fly or we can maintain the scheme in a correct and prudent manner by passing the motion.

On the night of 28 September 2008 the figure guaranteed was €375 billion, a colossal sum. From my memory of that debate, the only person who questioned whether it was a liquidity or an insolvency crisis was Deputy Michael Noonan, now Minister for Finance. The clear answer from the then Minister, the late Brian Lenihan, was that it was purely a liquidity crisis. We now know this was incorrect.

I have only one minute remaining, but as I was interrupted, like Senator Darragh O'Brien, I would like some leeway.

I have been harsh on Bank of Ireland. While the guarantee is expensive, a great deal of money has accrued to the Exchequer in 2011 as a result. Bank of Ireland has behaved treacherously towards the State.