Beverley Flynn (Mayo, Fianna Fail)

On Deputy Burton's amendment, I understand the call for certainty. Of course, everybody wants to see certainty in these difficult times. It would be desirable for us to know the extent of our liability and the precise nature of the guarantee and the terms and conditions. However, we are looking for certainty in a very uncertain environment.

We have seen the reaction of the markets yesterday and today and it is impossible to predict what this will be in the days and weeks ahead. It is also impossible to predict how the guarantee applies to the six individual institutions for which it is being provided in the first instance. Unfortunately, one solution does not suit all. Some institutions may be in a position to pay immediately and some may not, and the measures whereby some institutions may be in a position to pay commercially will vary. Moreover, we cannot be certain with regard to the existence of the individual institutions going forward.

While I compliment the Minister for Finance and know exactly where he is going in regard to the issue of certainty, I do not believe it is possible to provide the necessary certainty in these uncertain times. It is important that the Minister would be given the necessary flexibility to deal with this matter, particularly as he is giving us the assurances that this will be done on competitive terms and in the best interest of creating stability, which is badly needed in this country at this time.

I have a question for the Minister with regard to our level of exposure and the level of assets in the banks, particularly when he refers to the buffer of €80 billion. The Minister gives a figure of €500 billion for present assets. How was this asset value arrived at? I am concerned with regard to the review and recategorisation of debt that is taking place in some of the financial institutions throughout the country. I would like to know if this asset value has been verified by the Financial Regulator and the Central Bank.

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