Brian Cowen (Laois-Offaly, Fianna Fail)

I did not interrupt Deputy Stagg's party leader when he spoke. Deputy Stagg often reminds us of the need to adhere to rules and procedures in the House.

Second, in regard to the matter that has been raised, the Minister, Deputy Brian Lenihan, will outline the policy position and strategic approach the Government believes needs to be taken now in the interests of the economy and for no other reason. The third point I wish to make to Deputy Gilmore is that, from our point of view, everything we seek to do here is to protect the taxpayers' interest at all points.

With regard to the capitalisation programme which Deputy Gilmore regarded as a bailout, this is about ensuring that we get a return on that money and that the Irish taxpayer is protected in respect of those public funds that have been made available to ensure there is sufficient capital in our banks to enable them to operate. We also need to see the banks functioning to a far more dynamic extent for the benefit of the economy and business, and the protection of jobs, about which many people talk in this House. There are major decisions to be taken to ensure that this happens.

Part of this is to ensure that we have a banking system which serves its core franchise of looking after businesses and jobs, personal borrowers and those who have mortgages. These are the people who are at the centre of our concern, not this continuous pejorative attempt to suggest there is any other motivation in regard to discussions we are having on these important matters.

See this speech in context