Brian Cowen (Laois-Offaly, Fianna Fail)

——this was the arrangement to which the Government came. I believe this arrangement has helped to bring some stabilisation to the liquidity question. The further issue as to how the banks should move from here is an issue that must be dealt with by the sector, by regulation and by ourselves as we interact with them on the basis of the guarantee scheme when it comes before the House for approval.

While I would have liked to have thought we would have it by now, it was not and is not possible to finalise those arrangements until we take into account every aspect of this situation based on the arrangements that have been happening across the water. I note the Chancellor of the Exchequer has indicated it will take the British Government some time to work out the details on how it will proceed. It is clear, on the basis of its statement this morning, how it intends to proceed. That is its view as to how it should respond in its situation. The Government here decided how it would respond in our situation. I assure the House that every care is being taken to bring about a position whereby we will have a scheme that will meet the requirements of the situation we have announced ourselves and which will ascertain whether it is possible or appropriate for the Government to accommodate others that have a strong retail presence here. The Government has had ongoing and constructive discussions with those parties. In addition, we must ensure that on arriving at that point, the European Commission also is satisfied that we have met the considerations and issues it has raised with the Minister for Finance when he met Commissioner Kroes. This sets out the context and reason for our actions and I hope this constitutes a response to the specific questions raised by Deputy Gilmore.

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