Olivia Mitchell (Dublin South, Fine Gael)

While the banks, the Government and the Central Bank have told us the banks are sound, the market does not think so — that is the reality.

We are, of course, supporting the notion of giving a guarantee of liquidity where it is needed, which is essential. I totally support the Government's move in that respect. However, the reality is that we are only dealing with the symptoms of what is an underlying problem, namely, the elephant in the corner that is the concern about the solvency of the Irish banking system. The Minister cannot deny this. The reason the Irish banks are having such difficulty getting funds in the market is because the international markets are looking with a very jaundiced eye at the quality of the portfolios of the Irish banks.

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