Martin Mansergh (Tipperary South, Fianna Fail)

There were two specific reasons for the recommendation that dated subordinated liabilities be included within the scope of the CIFS guarantee. At the time the guarantee was announced and owing to the extent and depth of the international financial crisis, it was considered essential that the Government send out the clearest possible signal to international markets to the effect that the State was prepared to stand behind the banking system to maintain financial stability and pre-empt major financial and economic disruption. In the past 14 months, we have succeeded in doing do. It has been a considerable achievement, but not much credit is being given.

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