Brian Lenihan Jnr (Dublin West, Fianna Fail)

——is to ensure the Irish banks have the capacity to ensure the economy remains viable, businesses continue to thrive and consumers can borrow. As for the Deputy's reference to the inability to acquire housing finance, the Government introduced an initiative in the budget to address that specific issue in cases in which the banks failed to advance credit. While I would welcome the opportunity to visit Wall Street, there has been too much to do in the Department of Finance since my appointment to take time out and visit such an institution.

As far as the terms of reference and the requests made of PriceWaterhouseCoopers are concerned, I will examine the request made by the Deputy and will forward such information as I can within my possession. As for the exposures of the banks, the purpose of the exercise commissioned by the regulator with PriceWaterhouseCoopers is to assess that degree of exposure and bad risk on the asset side in the loan book. That element of risk may not necessarily be connected exclusively with construction or investment in land. It may relate to other loans and advances that financial institutions have made. However, the purpose of the PriceWaterhouseCoopers inquiry is to establish the extent and depth of such exposure.

As for the issue of the cross-indemnity and the guarantee, the Taoiseach and I have always made clear that were any deficiency to arise, the financial sector would be levied for it. That was made clear at all stages and is reflected in the language of the scheme. However, the particular reference to the scheme to which Deputy Burton refers is the specific legal obligation here and now on the institutions. Deputy Burton is aware that no institution would have signed the guarantees under those conditions.

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