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11/29/2012 12:00:00 AM


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Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

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Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

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Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

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Senator


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Deputy Shane Ross

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Snippet Contents:

There might be some sort of a case for an extension of this guarantee if the Government were prepared to take responsibility for the banks and were prepared to direct their operations. There might be some sort of a case for saying the banks need to attract further funds, that they are too fragile at the moment to be allowed depend upon the bond markets and that the Government should decide what the banks should do with the money on deposit. However, the banks are in an extraordinary situation. They are being guaranteed by the Government, subsidised by the taxpayer and allowed to run themselves as some sort of quasi-independent organisations. I cannot understand why the Taoiseach - and I am sure the Minister for Finance also - told the House it was nothing to do with the Government when AIB increased the variable rates for mortgages some weeks ago. The Taoiseach said it was nothing to do with the Government, that AIB is an independent commercial organisation and that the Government has to leave it alone. Yet at the same time, the Government guarantees the money, some of which is used to lend out as mortgages. This cannot happen unless one is prepared to defer to the banks, as every Government had done in the history of this State. I thought that perhaps the crisis would prompt this Government to take a hold of the banks and to direct their operations in the interest of the people of Ireland who, after all, own the banks. This has not happened. The banks are still allowed to do exactly what they like commercially, under the guise of being detached, even though they are fully owned by the taxpayer.
I would like to know what the Government thinks would happen if this guarantee were not extended. As other speakers have said, all the past deposits are guaranteed and only the future or present deposits would come into this category.