Enda Kenny (Mayo, Fine Gael)

The national recovery bank proposed by Fine Gael could be set up in a matter of weeks, as has happened with the French Financing Corporation, SFEF, which was announced in October 2008 and was up and running by November 2008. To finance itself, the SFEF issued €5 billion of bonds on 1 November. One month later, it issued a further €6 billion of bonds, and according to SFEF, the second issue was over-subscribed by 50%. In other words, investors were so keen to invest in the French recovery bank that they could not all be accommodated.

See this speech in context