Peter Power (Limerick East, Fianna Fail)

No, it has been structured and considered. We had to act quickly in one instance in September and have acted in a measured way since in terms of the recapitalisation of the banks. Since we signalled recapitalisation as a policy, we could have gone for an immediate recapitalisation but instead we did a risk assessment of the loan books, which caused enormous controversy in Anglo Irish Bank, but we took a measured tone and recapitalised. At the same time, we came to an informed decision of the appreciated risk in the banks and that is why the PricewaterhouseCoopers report was commissioned, giving rise to the controversy of the past few weeks.

In that controversy we should remember one thing. Despite all of the difficulties of the two main banks and the bad decisions which their chief executives admit, there is no suggestion or allegation of wrongdoing against the two most important systemic financial institutions in the country. We must recognise that.

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