David Cullinane (Sinn Fein) | Oireachtas source

I join with other speakers in again calling for a debate on the banking system and the need for a banking inquiry. The vast majority of people in the State would not be at all surprised about what is on the Anglo tapes, and the matter reaffirms what people already knew. It angers people and the public is disgusted by it. People are galled by this and they see it as a travesty, as was noted earlier. What happened in the banks was criminal. What really angers people is that those responsible for not only collapsing the banking system, but also the economy - with all the impact this had on the quality of life of ordinary people - have not been held to account or been before the courts. They have not spent a single night in a jail cell.

Senator Kelly spoke about people's gut instinct and how, in retrospect or with the benefit of hindsight, it was wrong to support the bank veto in the insolvency legislation. My gut instinct when the Bill came before the House was not to give the banks a veto. My gut instinct when these issues arose was not to pay the bondholders in full and with interest. My gut instinct was not to allow a position where banking debt would become sovereign debt. I remind Senators who are now very concerned about what is happening with Anglo Irish Bank that not so long ago, in the early hours of the morning, they voted to turn €30 billion of toxic Anglo Irish Bank debt into sovereign debt by way of promissory notes. That decision was taken by people in this House and I stood against that, along with my party.