SEANAD REPORT:THE REFINANCING deal reached with the banks represented a complete surrender by the Government, Shane Ross (Ind) told the House.

The so-called concessions given by the banks were laughable and he could not believe that the Government, which had held every card, did not use it to get rid of every board member, including the chairman, as well as the chief executives. Those on the banking side, a group of clowns who had disgraced themselves over many years, had had one aim in the negotiations, the saving of their jobs, and they had been successful.

Mr Ross said that Senator Paul Bradford (FG) had been correct in stating that the public was crying out for people to resign because they had been responsible for “this disaster”. Instead, they had secured their positions “to continue to wreck the economy”.

Eugene Regan (FG) said the Minister for Finance had endeavoured to explain not having read a fundamental part of the report on the banking system commissioned by him from PricewaterhouseCoopers. He had stated that his officials had not brought it to his attention, dumping on them.

Mr Lenihan’s extraordinary statement that, if he had read the section of the report relating to the transfer between Anglo Irish Bank and Irish Life Permanent he would not have recognised its significance, “says much for our Minister. This is worrying when we are taking decisions on the basis of his advice and recommendations.”

Dan Boyle (GP), deputy Seanad leader, said the issue our political system had to take account of was that an action had taken place that went beyond the realms of fraud, an action that was nothing less than economic treason. Those involved needed to be brought to account.

Politicians who were trying to oversee the situation, trying to analyse it and to define it were not the people who had engaged in these activities. “But I think we have to accept that the people who have been involved are the very people we have lionised over the last decade and a half.”

The political system would be a failure until, as a society, we got to grips with such activities. The essential element of what had gone wrong had been an undermining of this nation’s credibility.

John Paul Phelan (FG) said there was a sense of anger and outrage among the general public over what had gone on. “I really fear we are near social unrest in Ireland. I never thought I would say that in the Seanad chamber.”