Brian Cowen (Laois-Offaly, Fianna Fail)

I made the point to previous Deputies that, after much detailed work consistent with the legislation passed in the House, we have a State guarantee scheme for the financial institutions that comes under the schedule in a way that complies with EU competition law. We do not wish to put this at risk. Even with the most honourable of intentions, people putting and taking amendments could lead to them going back and finding there is another problem. The priority accorded by the House last week was to get the scheme to the House as quickly as possible. This has now been done and because of the budget today and the European Council meeting in Brussels tomorrow, we will have it in the House on Friday. We need to get it passed and to ensure it is in compliance with the law and we need to get on with the work. Obviously, discussing it in the House provides an opportunity for people to make their views known and ask whatever questions they wish of the Minister on its passing, not on its being changed, amended and referred back. With respect, we do not have that luxury.

On the question regarding local authorities, such loans are specific. They have the backing of the Government in any event. There are fixed loans which remain fixed, and if there are variable loans which, under the terms are allowed to vary, then they take interest rate increases and interest rate decreases according as the market allows.

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