Brian Cowen (Laois-Offaly, Fianna Fail)

I have indicated to the Deputy that prudential issues in the market situation in which we find ourselves are a matter for individuals, banks and other financial institutions. Having examined the full economic picture, the Central Bank made the point that the Irish banking system is in a stable, sound position for the reasons I cited — demographics, income capacity and the supply side in terms of the construction sector. It is a function of demand in the economy and low interest rates constitute an important factor. When we came into office, the band was between 7.1% and 8.8%, while currently it is between 3.25% and 3.6%.

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