SINN FÉIN withdrew its support for the Bill, with finance spokesman Arthur Morgan saying the party’s decision to support it initially had been taken in the people’s interests.

“We would like to support this document,” said Mr Morgan. “However, it requires a huge number of amendments. The terms and conditions, as they stand, are inadequate.” He said his party had previously supported the Bill because it believed it was necessary to stabilise the State’s banking system.

The party stated at that time it had reservations relating to the guarantee’s terms and conditions, he added. He said the only sanctions appearing to be in place for banks abusing the guarantee was expulsion after 90 days’ notice. “There is no mention of fines for banks who take gambles with the taxpayers’ money, let alone provision for the State to take legal action against such an institution.”