Joan Burton (Dublin West, Labour)

Did it not cross the Minister's mind to sack the board of the Financial Regulator given its absolutely abject failure to deal properly with the regulation of Irish banks in that there has been a series of disastrous failures in Anglo Irish Bank, which in turn has impacted on the rest of the banking system? Does the Minister believe the board of the Financial Regulator and former regulator should apologise to the people over what the latter will have to pay for the regulatory failure? Will anybody on the regulatory board be brought to account for what has happened there?

The Minister is aware that the reputational damage caused by the affairs of Anglo Irish Bank to Ireland is immense. What inquiries are being made in the counterparty banks to the activities in Anglo Irish Bank, namely, Irish Life & Permanent and Irish Nationwide Building Society, given that on his announcement of recapitalisation before Christmas the Minister indicated that approximately €3 billion of taxpayers' money would be made available to those institutions?

What is the Minister's response to the bond markets given that Irish Nationwide Building Society has bonds coming due between May and July of more than €2 billion? That information is freely available. If we do not restore our reputation who, other than the Irish taxpayer, will replace those €2 billion of bonds? Does the Minister have any strategy to deal with that?

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