Terry Leyden (Fianna Fail)
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I thank the Chairman for allowing us in before the Order of Business and our colleagues for agreeing. I welcome Professor Patrick Honohan and his team from the Central Bank of Ireland. Today is an important day as the Central Bank returns profits of €1.4 billion to the State. That is a successful outcome.

The Central Bank is discussing the deposit guarantee fund at present. Like Deputy Dooley I was taken aback that Professor Honohan in his position at the Central Bank, as a member of the European Central Bank, and, indeed, the Government would encourage, contemplate or support the Cypriot Government in taking a 10% cut or more from depositors. That is something the Central Bank and the late Brian Lenihan protected here in the very critical period. Were it not for that there would have been a flight of capital from this country and there would have been an enormous collapse of the banking system. I compliment the Central Bank and the late Brian Lenihan on a very wise decision. From a historical point of view as far as Cyprus is concerned, it has caused concern throughout the whole European Union. That is the reason the deposit guarantee fund and a guarantee for deposits is vital. There should be no doubt in the future that any of the 17 members of the European monetary union would be affected.

The funding provided to the pillar banks and its release to small enterprises is a cause of grave concern. What level of monitoring is being conducted by the Central Bank on AIB and Bank of Ireland? I have experience of them doing extremely good work in releasing funds to small new start-up businesses. However, some other companies are very concerned about the issue. What level of monitoring is being conducted by the Central Bank in this regard?