Richard Bruton (Dublin North Central, Fine Gael)

——and indicated what is envisaged and how taxpayers will be protected. At present, taxpayers are being run ragged as a result of what is happening with the banks.

The cost of the State's borrowing has already risen by 1.5%, which will add almost €1 billion to our total debt next year. Taxpayers are, therefore, being screwed in respect of the cost of this borrowing. It is obvious that we, as taxpayers, will be obliged to offer commitments in respect of liabilities created by the banks beyond 2010. The Minister's announcement last week did not instil the confidence he hoped it would. I accept that this pre-emptive move bought time at a point at which the markets were extremely concerned.

The Minister must begin to answer some of the difficult questions. How does he intend to manage joint funding involving private investors? There is a real concern that the Government, the Financial Regulator and the Central Bank and Financial Services Authority of Ireland lack both the skill and ideas necessary to deal with this matter effectively. Ideas such as those to which I refer have not been articulated and people are dubious as to whether the Government has a clear strategy that will allow it to negotiate with the wolves and emerge with a credible package that will protect taxpayers. The Minister has not outlined the framework within which he proposes to manage the difficult negotiations to which I refer and emerge with a deal.

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