Eamon Gilmore (Dún Laoghaire, Labour)

Following the Taoiseach's answer I am none the wiser about what the Government is going to do about recapitalising the banks. The answer is more or less a repetition of the statement on Sunday night.

I ask the Taoiseach to outline the timetable. He spoke about the banks coming back with their proposals in early January. Everybody is aware, at least in general terms, of the current state of individual banks.

The Taoiseach stated that he would be dealing with matters on a case-by-case basis. Is he saying that they will not be fully addressed until the end of January? Will it require legislation? Do I understand from the Taoiseach's reply that the amount which will be taken from the National Pensions Reserve Fund will be approximately €4 billion which, I understand, is what the cash reserves amount to? Can that be done without legislation? If there is to be legislation, when will it be published and considered by this House?

What is the form of the State involvement in this? A menu was set out in the statement on Sunday night which included the possibilities of share options but also referred to some form of underwriting. How will the State involvement be provided? Will it be provided in the same or a different way to all institutions?

Has the Taoiseach identified the source or sources of the private investment in the banks? What we have at present is a general statement of intent from the Government, but it is a case of live bank and get grass. We need to hear some specifics from the Government. I understand why the statement on Sunday night was made but it does not seem to have had the desired impact on the markets.

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