The attack by Finance Minister Brian Lenihan on the Labour Party policy on the banks is frankly sad and pathetic.

The Minister who didn’t even read the PWC report on the banks, now thinks to attack Labour for putting the banking crisis ‘low on Labour’s order of priorities’

Having presided over a series of bumbling u-turns and policy reversals, he now claims that his present policy is the ‘only’ solution. That was what he said about all the other policies on banking too, before he changed them.

The reality is that temporary bank nationalisation has been advanced as the best solution for the economy and for the taxpayer, by a wide range of independent economists and banking experts in Ireland. The argument for nationalisation is also supported by eminent commentators internationally and has been suggested as a viable option by the IMF.

The NAMA plan, which is already disintegrating in front of our eyes, exposes the taxpayer to enormous risks. Bad enough that Fianna Fáil should have destroyed the economy, but now they want to burden future generations with an even bigger bill.

Last September, Labour stood alone in the Dáil to vote against the banking guarantee. We took the tough decision then, because we believed the guarantee was a huge mistake, and we have been proven correct.

The Government continues to make claims about temporary nationalisation that it can’t stand up. Having almost virtually destroyed Ireland’s reputation abroad, they are in no position to lecture others on this issue.

Labour’s policy is focused on confronting the mess that Fianna Fáil has created, and restoring the flow of credit to the economy. Fianna Fáil is bogged down in a policy which is about rescuing banks and property developers first. It is a remarkable fact that recent changes at board level in the banks have only come more than seven months after the bank guarantee.