Paul Gogarty (Dublin Mid West, Green Party)

Absolutely. Questions were asked of the Minister about which banks were more fragile than others. To mention the name of a particular bank which the Financial Regulator might have secretly told the Minister was a little more dodgy than another would start a run on banks and increase the lack of confidence in the financial sector. A bank may be in such a situation. I do not know and to be quite honest I do not want to know. Right now, I am happy enough with the statements of the Minister and the Financial Regulator that the fundamentals of the banking system are sound, at least when compared with other banks, such as those in the United States. I am happy right now to accept that it is a liquidity issue. That is what we are debating — the issue of ensuring that ordinary people and businesses are able to borrow money at critical times to keep normal economic activity going. I am referring to bread and butter economic activity, not speculative economic activity. Deputies Higgins and Burton have suggested that by offering this guarantee the State is encouraging banks to embark on another orgy of speculation. That risk is obviously there but I would argue that banks now have a triple-A rating and will have to pay the State the difference between what they get as a triple-A and a secondary bank. They will be a lot tighter in how they lend money from now on. If the Minister had to outline exactly the terms, conditions and schemes that would apply it would take longer than one day. It would serve to increase the lack of confidence in the market, so that is why we need to have this done and dusted today. It is not without precedent that primary legislation is passed and details of the statutory instruments or regulations are examined at a later stage.

In deference to Opposition spokespersons, I ask the Minister to give as much information as possible. However, I also argue that because we are in a wartime economic situation vis-À-vis the factors that might influence the stability of the Irish banking system over the next two to five years, the terms and conditions the Minister may apply are fluid. We do not know exactly what is needed until we know what situation we will face. Asking the Minister to lay down a list of criteria now would, first, be false because the situation may change and, second, it would delay the passage of this legislation. It would also have a negative impact on economic stability. While I agree with Deputy Burton's sentiments, I ask her to withdraw the amendment on the basis of its negative impact on confidence. We need to increase confidence and let the public know the Government and Opposition are standing foursquare behind them. People should be able to do their business as much as possible in this constrained market without fear of the whole edifice tumbling down on top of us.

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