Joan Burton (Dublin West, Labour)

I stated his answer was less than adequate. Allow me to rephrase what I stated. The Minister stated the regulator knows the Irish banks in the scheme are not necessarily exposed to sub-prime mortgages. Everyone knows that already because the sub-prime business was only beginning to get off the ground in Ireland. The Minister also stated we are not exposed to, for example, fall-out from the US banks or Lehman Brothers. However, he avoided what I wish to know, namely, the exposure of every bank in the scheme to bad-risk construction lending and lending for land speculation. That is where the risks are, particularly in respect of two of the institutions covered by the guarantee. The Minister should answer that question. As for the contingent liability of €440 million, did the Minister not acknowledge to me last Thursday that there is no cross-indemnity between the banks in the scheme, contrary to what the Minister and the Taoiseach had implied? Is it true that the first port of call on the €440 million now is Joe and Josephine Taxpayer?

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