Brian Cowen (Laois-Offaly, Fianna Fail)

He is a former Secretary General of the Department of Health and Children and the Department of Finance. I have listened to others who hold similar views on this issue. In the context of having a discussion on any of these issues, we need to preface our remarks not simply by empty flag-waving, but by stating that we have a good financial system that is well capitalised, liquid and profitable. It has withstood the recent turbulence as well as if not better than most. There is a professionalised regulatory authority which is active and expert in this area and which is held in high regard by its peers in other parts of the European Union. In addition, the authority will make its contribution in a calm, sensible and authoritative way with a view to getting us through this difficulty as quickly as possible for everyone's sake. It will restore confidence in the market, learning lessons, drawing conclusions and supporting whatever proactive efforts must be taken to ensure that such a risk or problem can be alleviated, mitigated or eliminated in future. That is my basic point.

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