INDEPENDENT WICKLOW TD Joe Behan said that there should be a referendum on Nama.

He said he had listened carefully to all sides of the debate on the issue, inside and outside the House.

“Those being asked to shoulder the enormous burden proposed by the plan, the people of Ireland, should at the very least be given an opportunity to express their opinion by way of a referendum,’’ he said.

“It is ironic that we cannot trust the people with decisions of this magnitude. Is it any wonder that they no longer trust politicians?’’ Mr Behan said he seriously questioned whether there was sufficient impetus for reform in the banking institutions.

“If we do not insist on radical reform, we will see a return to incentivising quick profits.’’

Maureen O’Sullivan (Independent, Dublin Central) said she accepted that the State needed a functioning banking system for the efficient operation of the economy. But that system must be open, transparent, honest, accountable and responsible.

“My fear and concern is that we are giving the same people who let us down the task of saving the country,’’ said Ms O’Sullivan.

“They were not open, honest or responsible but reckless, greedy, selfish and motivated by private gain.’’ She said that risks must not be shouldered by the taxpayer and those on social welfare.

“Above all, a responsible, honest functioning bank system, with a social conscience, is required.’’

Finian McGrath (Independent, Dublin North Central) said his agenda on Nama would depend on protecting the taxpayers, mortgage holders, small businesses and the weaker sections of society.

He said he would study all proposals and amendments in the House.

“If the final legislation is not people-friendly, one can forget about my vote. That will be my position over the next month.’’

Mr McGrath warned that the economic meltdown had the potential to tear the State apart socially and at the level of the individual.

“A new vengeful generation has seen its prosperity sacrificed upon the altar of vodoo economics,’’ he said.

“Bitter divisions are emerging, some of which are being stirred up by irresponsible media elements.’’ He said some public sector workers were being pitted against precariously employed private sector employees, while social welfare recipients were pitted against poorly paid immigrant workers.