FIANNA FÁIL colleagues applauded Taoiseach Brian Cowen when he reacted sharply to a charge of “economic treason’’ by Labour leader Eamon Gilmore.

Mr Cowen said the Labour leader should be under no illusion about the motivation behind every decision he (Mr Cowen) had made during the difficult times he was Taoiseach, irrespective of whether he agreed with them.

“They were the very same laudable motivations that would have moved him had he been in my position,’’ Mr Cowen added.

“I would never come into this House to accuse another Irishman of what he accused me.’’

Earlier Mr Gilmore said the Taoiseach had asserted that the Government’s decision on Anglo Irish Bank was taken in the national economic interest.

“Nothing I have heard since September 2008 convinces me that was the case.

“I believe that the Taoiseach and the Government made that decision in September 2008 not in the best economic interest of the nation but in the best personal interests of those vested interests who, I believe, the Government was trying to protect on that occasion.

“I believe the decision was made to save the skins of a number of individuals, some of whom were connected to Fianna Fáil and whose property interests and prosperity were bound up with the fortunes of Anglo Irish Bank.’’

Challenging the Taoiseach to publish all the advice he had available to him on the issue, Mr Gilmore added: “If my belief is correct, and I have not been convinced to the contrary, that decision was an act of economic treason for which this country is now paying very dearly.’’

He said people had received “a very big bill for Anglo Irish Bank’’ on Tuesday.

“That rotten institution acted as a piggy bank for property speculators, was described in strident terms by the Minister for Finance as having been reckless in the manner in which it conducted its business, and has caused the huge problem we now face in our economy.’’

He said the bill was equal to the sum total of the pay cuts and pension levy in the public sector.

“The responsibility is on the Taoiseach to explain why it was necessary to provide Anglo Irish Bank with the extensive and broad guarantee that has now landed us in a situation whereby it will cost €40 billion to keep it going and even more to wind it up,’’ said Mr Gilmore.

Mr Cowen said he had respect for Mr Gilmore as a deputy down the years.

“It is reciprocated,’’ said Mr Gilmore.

Mr Cowen added: “If, as he says, this respect is reciprocated, I want to tell him very sincerely that in my 25 years in politics I have been beholden to nobody.

“Every decision I ever made in the privileged positions I held in this and other offices has been in the best interest of my country as I saw it.

“I accept that in a democratic debate, irrespective of how arduous or tough it may be, people may hold contrary opinions, but I will not be accused of seeking to commit treason against my country.

“I consider that to be beyond the Pale.

“I understand that people are angry about what has happened, and rightly so, but I also have the responsibility to say that anger in itself is not a policy.’’

Mr Cowen said he was a politician, and he knew how it worked.

“I can see the opportunity which the Opposition wishes to grasp in terms of seeking to inflict political damage. I can defend myself by arguing and debating. I am well able to look after myself when it comes to that.’’