Kieran O'Donnell (Limerick East, Fine Gael)

That does not mean it is not the correct thing to do. That is the position we have put forward. Money is being put into Anglo Irish Bank and the two main banks without any absolute knowledge. I hope tomorrow's PwC report will shed light on the situation. We came up with a simple concept, namely, to create two good banks, AIB and Bank of Ireland, and transfer the good assets into the two banks and leave the toxic debt in the existing banks. At least then those involved in the international markets would see clean banks and a proper regulatory system. The first step to recovery in any area is to admit where are the problems. One cannot cover them up or deny them because the markets do not believe us. If the money is not flowing from the international markets then we cannot function.

See this speech in context