Billy Kelleher (Cork North Central, Fianna Fail)

Another issue of concern was identified by the Tánaiste and others at an early stage is the availability of skills levels in the banks. For many years, the banks offered loans on the assumption that they had securities in the form of rising property prices. Businesses now have to be assessed on the basis of profit and loss accounts, balance sheets and business plans. As a consequence of the different lending and banking practices that were in use until recent times, some of the banks do not have the skills sets they now need. We are continually trying to address the system. The reality if that if we had not guaranteed bank deposits this time last year, at a very precarious time, we might not be talking about the banks at all because they might have capsized. Although the banks have steadied the ship, we are not yet out of the woods. Dubai, for example, recently defaulted on a sovereign loan.

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