Brian Cowen (Laois-Offaly, Fianna Fail)

As I stated in response to Deputy Gilmore earlier, we are providing for a means by which we can extend the State guarantee beyond 2010. The background to this is the ability to provide such a guarantee in respect of five-year securities that will become available on the money markets but which are not available to us at the moment.

A statutory instrument to facilitate eligible debt securities will have to be drafted and it will be presented to the Oireachtas shortly for approval under section 6(5) of the Credit Institutions (Financial Support) Act 2008. The Bill before the House must be enacted before the statutory instrument, subject to the prior approval of the Oireachtas, can be made. That is what we are doing. For us to get to the point for consideration to which the Deputy referred where the statutory instrument will have to be approved by the Oireachtas, we must amend this provision legislatively.

See this speech in context