Michael D'Arcy (Fine Gael)

It has taken and taken, but it only gives to its clients when it is charged a fee. My accusation of treachery relates purely to its treachery towards its clients who are being overcharged.

The State's third banking force is Ulster Bank. That there will only be two pillar banks is a concern. When there were only two banks in the 1950s, 1960s and 1970s, they loaned in a very conservative way. I do not want to revert to that scenario and hope Ulster Bank can return to profitability soon in order that it can be more competitive. Other correctly capitalised banks will have an opportunity to enter the Irish market.

I commend the motion to the House. Like every Senator, I would prefer not to be here, but there are options. Not extending the guarantee is not one of them.