Brian Cowen (Laois-Offaly, Fianna Fail)

If the Deputy wants a reply, I will give him one but if he asks ten further questions while I am answering, it will be difficult for anyone to know what is going on. I have given my reply and I concur with the Governor. The Central Bank and the regulatory authority continue constantly to monitor the situation. We have seen turbulence in financial markets but I am satisfied we have a well capitalised and regulated banking system.

Special investment vehicles are considered at European level. Deputies will recall that when the Northern Rock issue arose, a meeting was held that weekend of Finance Ministers. One of the conclusions of the meeting was that methods of working together needed to be found so as to address these issues in a way that does not hinder the efficacy of the system but enables commercial dealings to continue.

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