Beverley Flynn (Mayo, Fianna Fail)

On Deputy Shatter's point on the action of the Government at a time of global turmoil in all financial markets, the one Government that has taken very decisive action that has had a favourable impact on the markets is our own. When one compares this action with the piecemeal action being taken in other countries throughout Europe, and particularly in the United States, one realises it is a clear and decisive measure. It has met with approval and has steadied the ship in so far as our own financial institutions are concerned.

I commend the Minister on this action, particularly because it is for the protection of the taxpayer. This point must be laboured. Particularly at a time when people are talking about bailing out banks, it is important that it be recognised that it is the individual taxpayer and deposit holder we want to protect, in addition to businesses. Many businesses in Ireland are very viable but have experienced a shortage of working capital and overdraft facilities to enable them to operate. It was the lack of liquidity in the market that forced the Minister to take action in the first place.

On section 6(4), I welcome the fact that the Minister stated clearly that guarantees will be paid for on commercial terms and that they are not free. He said he will ensure value for the taxpayer is achieved. It is extremely important to comply with EU state aid and competition law requirements. Will the Minister clarify whether we are in compliance with these and whether any concerns have been raised about the Bill at EU level?

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