Olivia Mitchell (Dublin South, Fine Gael)

As long as that position pertains, the share prices of our banks will continue to fall, investors will go elsewhere, the cost of government debt will continue to soar, there will be precious little lending in the economy and jobs will continue to disappear.

Uncertainty is the enemy and, therefore, we need to know how badly exposed are the other banks and address that. It is the only way to stabilise the market and restore confidence, no matter who owns the banks. As Deputy Bruton said, the restoration of competitiveness in the economy will have to be done the hard way. Unlike Britain, we cannot allow our currency to float. We are facing ten years of austerity in current spending while significant capital spending is still required. However, to do so, we must know the amount of capital available.

The Government strategy of drip feeding money to banks in the hope each time that somehow the latest injection will work is debilitating for them, the economy and the public and it cannot be allowed to go on. All the bad news must be put in the public domain and dealt with once and for all. The only certainty is postponing action will make solutions more difficult, not easier, and the problems bigger, not smaller. The elephant in the corner, which no one wants to discuss, is Ireland's ability to stay within the euro. To do so, the Government will have to approach other European governments, including the French and German Governments, while other countries are also lined up seeking help, but if an enthusiastic reception is expected, we will have to show we can behave decisively, responsibly and, above all, deal transparently with our banks. Restoring confidence in the banking system is not the total solution to our economic problems but there will be no solution until that happens.

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