Brian Cowen (Laois-Offaly, Fianna Fail)

The point being made by Deputy Kenny demonstrates the problem involved with people asking us to be specific about when something will be brought to the House and we in good faith saying it should be here next week, but then other developments take place in the interim. Initially we were talking about the six Irish banks, as set out in the original guarantee statement. Concerns arose during the debate and we sought to accommodate those. There have also been meetings in Paris and Luxembourg. The competition Commissioner had something to say on the issue and the Bundesbank also discussed the matter. Issues arise and the matter moves on, and we had a further development this morning.

This is not a static situation. However, this does not mean the Government is not clear about its objectives. It is, but we must ensure we cover all the angles. We are considering extending the guarantee, at the request of many Members and their view of the retail presence of some banks whose head offices are incorporated elsewhere. We must try to ensure we take into account all the aspects of extending the guarantee. There are also technical issues that must be addressed. There has been constructive engagement with those parties and they will return to us during the course of today to provide some of the clarifications we need to be satisfied as to where this is going and as to whether we should consider it sympathetically or positively at that stage. That is the current situation.

Arising from what has been happening over the weekend and what the Minister for Finance has heard from the competition Commissioner — following constructive engagement — we have said we will keep in touch with the Commission during the course of this week as we finalise arrangements so we can ensure that we find something that will be regarded as compatible with requirements. Otherwise, we would have to return to deal with the issue. We want to deal with the issue appropriately, sequentially and as comprehensively as possible.

We are very clear as to our objectives, but we want to ensure that the technical detail is such that it meets the requirements of everybody concerned and is as accommodating as possible without taking on inordinate risk. On that basis, it seems clear it will be next week before we take this scheme. I think it will probably be Wednesday afternoon or some time after the budget and budget debate. It may be possible to deal with it on Wednesday or Thursday next week. That would be the sensible approach, based on the state of play as matters stand today. That is the route we should take considering what has to be done, who we are talking to and that they have to return to us to confirm their views.

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