Brian Lenihan Jnr (Dublin West, Fianna Fail)

Deputies on all sides of the House will have to be aware that the conditions in the international bond market are not unique to Ireland. We are not in a unique position in international markets — far from it. We are operating in a climate where several sovereign states have been unable to access international liquidity in any form whatsoever. We are also dealing in international markets in which several European states have refrained from seeking to raise funds. It is in that context that I have pointed out that Ireland had successfully floated a loan.

As regards the position of the liquidity guarantee to the banks, which was given in late September, I agree with Deputy Burton that it has served the purpose of providing liquidity to the banks, but it does not address the longer term question of how they are to be restored as viable institutions, extending credit on proper terms to Irish consumers and businesses.

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