Richard Bruton (Dublin North Central, Fine Gael)

I accept the Minister's expression of thanks for my support. I asked his predecessor for this 11 months ago so it is a little tardy in arriving.

Is the Minister confident he has all the necessary legal means to deal with an emergency such as the need for consolidation, as has been required in other jurisdictions, and that there would be no legal impediments such as regulations relating to competition? Is he confident he and the regulators in the Central Bank have a firm handle on the banks which have loans under intensive scrutiny? We need reassurance that the banks are taking necessary steps to secure extra capital if that is what is needed to meet the challenges arising out of those loans. Would he consider asking the Central Bank and the Financial Services Authority of Ireland to publish a financial stability report now, so that there will be an analytic basis for the confidence we all express in our financial system?

Will the Government call in the banks, as has happened in other jurisdictions, to ensure the needs of business are not unduly hampered by credit restrictions? We need a partnership approach involving Government, regulator and banks to make sure we emerge from this crisis in a robust state and able to support enterprise.

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