Mr. John A. Moran:

I do not think it would be a good idea to start removing the bank guarantee on 31 December. Each bank will have to make its own decision on whether it wants to continue with the guarantee. We see nothing across the system or at the level of individual banks that would suggest they should not work towards that if it makes sense. In the absence of any external shocks to the system between now and then, we would think that is a perfectly feasible target level.

We see the banks as being under significant pressure to restore themselves to profitability and viability, which is itself another precondition to the State being able to divest itself of its shareholdings. It is incredibly important that the banks move forward to establish business models that make profits.