Eamon Gilmore (Dún Laoghaire, Labour)

That is very good, a Cheann Comhairle, but frankly I do not need any lecture at all from the Taoiseach about the importance of the banking sector to the economy. I remind him that as far back as 25 June last, I raised here with him the difficulties that were emerging at that time in banking. I raised the difficulties that people were experiencing with banks and the effect of the credit squeeze that was already beginning to be experienced then. I urged him at that stage, before the summer, to engage with the banks and the problems of banking in this country.

The Taoiseach makes it sound as though this guarantee does not amount to anything at all. If all of the figures that have been discussed this morning, ranging from €300 billion to €500 billion, are wrong then can the Taoiseach tell the House the extent of the State's exposure as a result of the guarantee, or if there is any exposure?

This is not about the Government acting because, as I said at the beginning, I hope this works. I am not criticising the Government for having acted but I want an explanation for the decision that has been taken. The explanation I am looking for and that has not been forthcoming as of yet, relates to a very simple point. If we are taking a risk as a State, which we are by providing a guarantee to the banking system, that risk ultimately lies with the taxpayer. What are we ——

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