Dáil debates

Wednesday, 17 June 2009

10:30 am

Photo of Enda KennyEnda Kenny (Mayo, Fine Gael)

That does not answer the question. I recognise, as does the Taoiseach, the absolute importance of having a banking system that works whereby credit can flow to small businesses, which is not happening now. We have a different view as to how that should happen. Be that as it may, bank shares are now beginning to climb and the country's credit rating is continuing to decline. This is because the banks have been saying to their shareholders that the discount will be 20%. Following discussions with the banks, J.P. Morgan is saying this morning that the amount of discount will be 20%. This has massive implications for the taxpayer. The Taoiseach is aware that land valuations and many other asset valuations have declined by 60% to 80%. There are no Green Party Members here this morning that I can see-----

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