Kieran O'Donnell (Limerick East, Fine Gael)

The chief executive officer of AIB clearly stated his core tier 1 capital ratio had increased to 8.5% but this was qualified subsequently as being the case after the €3.5 billion is provided by the Exchequer via the NPRF. The amendment is reasonable, as it does not restrict the Minister from dealing with the banks and giving them the security they need. It ensures proper debate on the use of taxpayers' money.

We are being watched by people who are losing their jobs. In the past four months, nearly 100,000 more people have gone on the live register. We must explain to them an investment of €7 billion in the two main banks. The Government will increase taxes on people who are already hard pressed and reduce expenditure to correct the public finances. This is important if we are to restore the international markets' confidence in our economy and banking sector.

We need proper accountability for further funds invested in the banks. The mechanism through which the Minister can provide the banks an assurance would not be interfered with. In the public interest and the spirit of co-operation, we want him to debate in the Houses the signing of the cheque.

See this speech in context