Martin Mansergh (Tipperary South, Fianna Fail)

I am talking about even before the legislation is passed. My belief is an alternative Government would take over and say, in effect, "We can operate this system because we can be trusted, but of course Fianna Fáil could not be."

The Minister pointed out that it was likely there would be institutions in need of additional capital in order that they could absorb the losses arising from the transfer of their impaired assets to NAMA and to maintain a capital position in compliance with regulatory requirements. However, he made it clear that the Government would expect such an institution to explore all available options for raising such capital. This is consistent with the Government's stated policy preference that private market solutions be found and implemented and if this does not prove successful, it is committed to providing such institutions with the necessary level of capital to continue to meet their capital requirements. Its view is that this is a more focused and effective policy than blanket nationalisation.

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