Peter Power (Limerick East, Fianna Fail)

That is how we relieve the banks of their distressed assets and make the Irish banking system function again. The reason it became dysfunctional is a separate matter to be debated in another way in another forum. The question which this legislation puts before the House is how to relieve the banks of their distressed assets and how we put a structure in place which allows the banks to access cash either through bonds in the European Central Bank or, preferably in our view, in a reformed banking system properly regulated as proposed by Deputy O'Donnell so that the banks, properly reformed and functioning, are able once again to access capital on the capital markets in the normal way under a new regulatory regime. I accept Deputy O'Donnell's amendment and I commend the amended amendment to the House.

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