Brian Cowen (Laois-Offaly, Fianna Fail)

We have heard enough of that sort of nonsense. They are the bodies that provide advice.

As for the availability of liquidity in the banks, obviously every area of liquidity that can be obtained must be obtained and retained by the banks to the greatest extent possible. It related to capital inflows as a result of the guarantee being provided and whatever liquidity or capital they had in the banks themselves. It is important to make the point that this is the basis upon which the advice is given and taken.

The actions of the UK were mentioned and they must make their decisions as they see them under their circumstances. What they or we do depends on our respective circumstances. They already had nationalisation of banks and some guarantees being given to banks. The Chancellor of the Exchequer, the British Government and its Prime Minister do what they believe is the right thing. They must come up with £50 billion up front as part of a recapitalisation process at this time. They see it as appropriate, coupled with the availability of long-term debt to the tune of perhaps £200 billion. It is their intention to acquire preference shares as a result.

That is fine as it is their approach and business. I have no comment to make on that one way or another and I am sure they are well advised. We take our advice from our own people. I believed the way to deal with the issue, based on all the advice we received on that occasion, was to act in the way we did. It was essential to our national interest that we acted and we did on the basis of the advice available from the appropriate authorities. That is the basis upon which Government works, as the Deputy knows.

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