Brian Lenihan Jnr (Dublin West, Fianna Fail)

Or golf clubs. I am neither a yachtsman nor a golfer but Deputy Burton seems to have an unwonted interest in them.

One matter I am pleased the Deputy asked me about is the question of an alleged promise of €3 billion to put money into the Irish Nationwide Building Society and Irish Life & Permanent. No such undertaking or statement was made by the Government. We said we would consider capitalisation of those institutions but we never indicated a precise figure.

Irish Life & Permanent is a well capitalised institution and any capital requirements it might have are marginal at best. As Deputy Burton is aware, the institution has a valuable life company as well as a banking business and all of the market information available about the company suggests that it is a well capitalised bank. There is no suggestion either that there is any exposure to excessive commercial lending at Irish Life & Permanent. That is far from the case as it is an institution that did not engage in such. I wish to make that clear on the record of the House.

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