Brian Cowen (Laois-Offaly, Fianna Fail)

There will not be any question of anything going off the rails. As regards what would be the reaction of international markets, as the Deputy knows there has been much misinformation about the level and exposure of Ireland inc., let alone the banking system in relation to these matters, including in places where one would expect people to know a bit better. For example, in relation to the covered institutions a suggestion was made that the whole IFSC was covered. This then entered the equation on the total exposure and someone mentioned an absurd figure of 800% or 900% of GNP.

Deputy Burton referred to a remark I made at a speech last week about the exposure notionally being 230%. I made that remark in the context of the previous figure of 900% which was clearly absurd. The 230% figure on total exposure is also absurd because it suggests that every loan in every bank under the covered institutions is a bad debt. This is not in any way to suggest that these decisions are not important matters which have to be taken into the balance. It is for the purposes of accuracy and having an informed debate because unless we have the basic facts, it is very hard for anyone to get to the point. The whole purpose of this debate is to make sure we bring clarity, not to foment confusion. In other debates on referenda and other issues, we often give out about people who foment confusion. We are not too bad at trying a bit of that ourselves and some people cannot allow an opportunity to do so pass. We live in a democracy and we all have our own way of walking, as they say.

In relation to some of the points raised thus far, on the question of the progressive aspect of the budget, it is progressive in the sense that any Government-----

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