Kieran O'Donnell (Limerick East, Fine Gael)

The key point is that the Minister is asking the Dáil to give him a carte blanche in extending the guarantee. I believed the guarantee was to ensure banks could deal with the circumstances that arose at the end of September 2008 such that we could have, within a relatively short period, a sustainable banking system. Deputy Bruton's amendment refers to 31 December 2014, thus establishing a five-year period. This is not an inconsequential period but it is reasonable. Through the legislation, the taxpayer is effectively giving a guarantee of up to €440 billion. This is an enormous sum and therefore the banks must be aware it is not open ended and that they are receiving something extremely valuable and precious in the eyes of the taxpayer. The period to 31 December 2014 is reasonable and I would like to hear the Minister's comment on it.

See this speech in context