Eamon Gilmore (Dún Laoghaire, Labour)

The Taoiseach will have studied the assessment made by the International Monetary Fund which concludes that Ireland will pay a higher price to re-stablise its banks than any other country and that the cost to the Irish taxpayer may be €24 billion, the biggest Government bail out of banks of any developed country. He will also have seen the opinion piece written by Professor Krugman in the New York Times this week in which he warns other countries against following the Irish Government's example on the banks, which he described as an exercise in sacrificing the economy in order to save the banks.

The Taoiseach will also have seen the opinion from 20 economists from a wide range of economic opinion and perspectives, and differing ideological standpoints, in which they argued that the game is up for the Irish banks and there is now an inevitability that the Government will have to nationalise them at least temporarily.

Does the Taoiseach agree with the assessment of the International Monetary Fund that our banking situation, in terms of the Government bailout, is now the worst in the developed world? Does he consider it a damning verdict on his Government's handling of the banking situation? Does he accept the point has been reached where it is necessary to nationalise the banks, at least temporarily, and what consideration has the Government given to that matter?

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