A GOVERNMENT backbencher described some within the banking industry as "scum".
Paul Gogarty (Green Party, Dublin Mid West) said that the emergency legislation represented a wartime footing.
"In a wartime situation, we fight to defend ordinary people and this legislation is about defending ordinary business people, PAYE workers and people on social welfare. Unfortunately, I must support it with gritted teeth because there are a lot of scum, and I state this deferentially in one sense, who do not deserve to be bailed out in this way."
Those people, said Mr Gogarty, had made a great deal of money out of many innocent people. "Unfortunately, this is the only way we can protect our society."
Mr Gogarty said the banks had lent money improperly and this was supported by successive governments. There was a good Celtic Tiger spurred on by Fianna Fáil and the PDs and by Fine Gael, Labour and Democratic Left. "However, bad decisions were also made, including with regard to developer-led greed and speculation."
Pat Rabbitte (Labour, Dublin South West) said it was not unreasonable to ask the Minister to set out the terms of the financial support for credit institutions.
"Did the banks change their habits as a result of being bailed out in ICI or as a result of the Dirt inquiry?'' he asked. "What did the banking chiefs say when they presented themselves at this campus only six weeks ago? What did they tell questioners about the issues in front of us now?" Mr Rabbitte insisted the Dáil was being asked to buy a pig in a poke. "This is an enabling Bill that is just the scaffolding and we do not know what we are getting in return."
Arthur Morgan (SF, Louth) said the House was being asked to give the banks and the Minister a blank cheque. "We have heard about blank cheques at the tribunals and we know that is not good practice". Mr Morgan said that AIB had been bailed out and did not have to repay anything like the reward it received from the State.
Ned O'Keeffe (FF, Cork East) criticised the Central Bank, claiming it had warned governments of all persuasions every quarter of the dangers of over-borrowing and over-heating the economy. "One bank in Ireland was offering more interest on small and large deposits than it was getting on its loan book in repayments," said Mr O'Keeffe.
