Brian Cowen (Laois-Offaly, Fianna Fail)

That does not relate as some suggest to new debt or other debt; it was existing guarantees on existing debt. The only issue that arose subsequently was this question of subordinated debt and, as I say, we made the decision on all that based on the best interests of the country as we saw it. It related in value terms to approximately 3.3% of the total debts of the banks. The point is that, as he has confirmed, the issue was on Sunday there was a Cabinet meeting relating to the budget with, at the end of that meeting, an updating and briefing by the Minister for Finance. As I say, the Secretary General of the Department of Finance has outlined to committees of this House the technical and contingency work that was being done by the Department of Finance in respect of the difficulties that were arising. A very serious deterioration took place on Monday requiring detailed discussions after markets closed and an ultimate decision taken by incorporeal meeting that morning.

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