Joan Burton (Dublin West, Labour)

On the same issue, the net point is that as a State we have effectively given an unlimited guarantee with regard to a series of classes of debt, as outlined this morning by the leader of the Labour Party, some of it risky. At the weekend the Government was to a degree celebrating the fact that the Irish arrangement had resulted in massive inflows into the banks benefiting from the guarantee. What are the dimensions of the scheme? Is it an absolutely unlimited guarantee? This is why we want a briefing on the scheme and its framework. Until the framework of the scheme is available to us, even if the finer detail has not been totally worked out, we do not know what we are guaranteeing.

We are also moving towards the budget. The Taoiseach mentioned Denmark which is charging up to €5 billion per year, plus an equity stake, for what it is doing for its banks. We have had no indication of the budgetary arithmetic. Has the Government factored in an income from the scheme, as we were assured there would be? This morning we heard Deputy Kenny talk about cuts in the health service. We need to know the framework of the scheme. Has the Attorney General advised that there is a clear impediment in European law with regard to the framing of the guarantee and the additional institutions which have now applied to be included in the scheme? I referred to this in my contribution last week as a potential Pandora's box. Will the Taoiseach tell us what Pandora's box is now turning out to be? What has the Attorney General advised in this regard?

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