Kieran O'Donnell (Limerick East, Fine Gael)

I would like to make one or two critical points and get some clarification. Is the Minister using amendment No. 127 as a means of threatening the banks? Rather than issuing guidelines, is he threatening to issue guidelines? Is the Minister committed to issuing guidelines, or is he merely threatening the banks that he may issue guidelines? It is a subtle point, but it is a very important one. Can the Minister clarify when the Mazars report will be completed? Who is paying for it? The point about the distinction between new and existing loans is critical, as is the need for proper disclosure from the banks. What happened with the last Mazars report cannot happen again. Deputy Fahey spoke about what the €240 million fund will be used for, but I would like the Minister to clarify what the €100 million in the SPV will be used for. The Minister has yet to explain what the €49 million of taxpayers' money will be used for. On the need to pay market value for the assets, would it not be better to put €7 billion of taxpayers' money into the banks by way of capital, thereby increasing their tier 1 ratios and taking pressure off the banks' capital ratio requirements? That might make it easier for the banks to lend to small businesses and home owners. It would be a better use of taxpayers' money.

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