David Norris (Independent) | Oireachtas source

I will end on this point. Last night Senator Barrett and his colleagues drew our attention to the research of Carmen Reinhart and Kenneth Rogoff from Harvard, who make three points. Financial crises are very expensive for national governments. They result in longer and deeper recessions. They cause long-term increases in unemployment and they encourage governments to engage in bail-ins by citizens via stealth taxes and all the rest of it - outright surcharges, taxes and appropriations. I am sure the Minister of State will remember the advertisement highlighting insurance fraud where somebody puts a hand into another person's pocket and says, "Thanks". That is what governments do. This Bill is intended to prevent that. We do not want governments saying "Thanks" any more. This Bill is a brilliant attempt to stem this.