Brian Cowen (Laois-Offaly, Fianna Fail)

Six weeks ago, we decided on a guarantee scheme to provide improved liquidity in the banking system because we wanted to ensure that sufficient lines of credit would be available to small, medium and large businesses. Were the decision not taken, we would be facing a difficult situation. The situation continues to be difficult.

As a result of the scheme's agreement in the House, business plans and capital ratios are being investigated and the question of liquidity in the banking system is being examined at the behest of the Financial Regulator and the Central Bank. This work is at an advanced stage and reports to the Minister are imminent. It is important that we act on up-to-date and accurate information. I want to make it clear that the Government stands ready to make decisions that are in the interests of the economy and business and to consider all options, not just a specific option. Much of the information involved is commercially sensitive and it is important, therefore, for the House to realise that the work which is ongoing and which is being advanced will be considered by the Minister for Finance, in the first instance, and the Government in the coming days.

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