John Gilroy (Labour) | Oireachtas source

The spokesperson in the Dáil and Senator Byrne protest too much. The contributions seem to be a product of a guilty conscience. Most people would privately agree that guaranteeing the banks in such an extensive manner was a mistake and once agreed, it set us on a course of action that prevented us from leaving the scheme without incurring additional damage.

The Lehman collapse left a bill of approximately ¤680 billion, shaking the confidence of the global system. That system seems to have recovered four years later, although there are slight reverberations still to be felt. The worst effects had passed within two years. If we had not offered such an extensive guarantee, particularly with regard to Anglo Irish Bank, although we would have experienced severe difficulties, we would have been in a much better place after four years.