Darragh O'Brien (Fianna Fail)

That was enlightening. I thank the Minister of State, Deputy Perry, for his attendance. I have much personal regard for him but I think most colleagues would agree it is somewhat disappointing that neither the Minister for Finance nor the Minister of State at the Department of Finance are here. That is no reflection on the Minister of State.

This is an important extension of the bank guarantee scheme. According to the Minister for Social Protection, Deputy Burton, the Labour Party stood alone in October 2008 in opposing the blanket nature of the guarantee. She said: "The wisdom of our position has been vindicated by events since then." That totally contradicts what the Minister of State said here on behalf of the Minister for Finance and what the Minister for Finance said in the Dáil today that the situation demands that the essential support and security provided by the guarantee for both banks and customers, respectively, be continued. That is perfectly correct. What is the difference between now and 2009, in particular, when the guarantee was amended? I am glad this has been a road to Damascus conversion. It has been a long road for the Labour Party, in particular, and we will note with interest how it votes this afternoon. Perhaps the Labour Party Senators will take the line of their colleague, Deputy Broughan, in the Dáil earlier or perhaps they will do a total flip-flop like Senator Whelan yesterday and what the party has continued to do since elected to Government, that is, saying one thing and doing another. That will be tested this afternoon.

Fianna Fáil believes the extension of this scheme is crucial, although it is not something the previous Government wanted to do but, of necessity, it was done. Fine Gael and Sinn Féin supported the original blanket guarantee in 2008.