Brian Cowen (Laois-Offaly, Fianna Fail)

It is not a question of waiting for the slowest mover in the European Union but of recognising the state of health of the Irish financial system. I spoke to those involved in the system and they continue to regard it as robust. With regard to the downturn in the property market to which the Deputy referred, stress-testing is being carried out by the financial institutions and there has been no increase in stress in terms of mortgages in the financial institutions etc. Those involved in the markets and those working with people who have purchased property will confirm that we still have low unemployment and a high rate of disposable income, and consumers attach a high priority to repaying mortgages.

The system here has withstood the turbulence we have observed internationally because it is in robust health, liquid and well capitalised. Working with other countries in the euro area does not mean postponing consideration of these matters. We will work with our partners to ensure an EU-wide approach is adopted which provides protection to all of us, particularly in light of the globalisation of markets. Recent developments affect all markets, not only the Irish market.

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