Brian Cowen (Laois-Offaly, Fianna Fail)

Others suggest otherwise.

However, in recent weeks the Minister for Finance has met a number of banks and investment businesses regarding investment matters in Irish banks. All propositions were, of course, referred on to the institutions themselves. The Minister is also aware that some existing shareholders have expressed an interest in subscribing for new capital and the Government has indicated that in principle, existing shareholders will be expected to have the right to subscribe for new capital on the same terms as the Government. The question of how a recapitalisation will proceed will depend on the proposals that we obtain.

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