Enda Kenny (Mayo, Fine Gael)

-----yet the Green Party said six weeks ago that the discount would be 40%. So if the banks are telling their shareholders the discount will be 20%, the Government does not have a view on this, the Greens are saying 40% and international financial houses, after discussions with the Irish banks, are saying 20%, is this not a case of a massive transfer from the taxpayer to bank shareholders? With bank shares beginning to climb as a consequence of those discussions, the country's credit rating is going down. We all understand the importance of having a banking system that works, but it is about time the Government cleared up that element of the confusion applying here. What is the discount to be approximately? Is it 20%, 30%, 40% or 50%? I am aware that when loans were acquired in the beginning, certain equities would have been put up by those who drew down those loans and many of those are technically bankrupt. However, we do not want a situation whereby bank shares are continuing to rise while the country's credit rating is going down. This only gives credence to the belief that what is involved here is a massive bailout of banks at taxpayers' expense. Can the Taoiseach clear up that confusion? Does the Government intend to apply a discount rate of 20%, 30%, 40% or 50% to the assets to be acquired?

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