Kieran O'Donnell (Limerick East, Fine Gael)

Section 23 of the scheme refers to the Minister appearing before the Oireachtas Committee on Finance and the Public Service every six months. As I said earlier, initially the Minister should appear before that committee within one month to deal with the level of charges and to advise Members as to how the scheme is working. The Minister should also advise us of his views regarding the possible recapitalisation of the banks. I ask the Minister to give a commitment today that he will appear before the committee within a month. The scheme requires that he appear every six months but it is important that he do so within a month to set out the full methodology in terms of the charge and to deal with the issue of recapitalisation.

Following from Deputy Connaughton's point, does the Minister consider the banks to be solvent? The Financial Regulator appeared before the Oireachtas Joint Committee on Economic Regulatory Affairs last Tuesday and stated that there was €42 billion of a capital base within the banks. He also said that property development assets in Ireland amounted to €39 billion, of which €24 billion is supported by additional collateral, with only €15 billion based solely on the property itself. Does the Minister believe that the value of that property will hold up? I note that the Financial Regulator is planning to go into the banks to take a closer look.

In section 36 of the scheme, there is no commitment to a minimum level of funding being given by the banks to customers, mortgage holders and so forth. Will the Minister be seeking a minimum level of funding to be given by the banks to allow the economy to function? This is critical.

With regard to section 44, will the Minister guarantee the charge will not be passed on to the customer? The section states, "A covered institution shall not pass on the costs of the guarantee to its customers in an unwarranted manner." Will the Minister commit to come before the Joint Committee on Finance and the Public Service within a month to advise on how the application of the scheme is working and on the recapitalisation of the banks?

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