Enda Kenny (Mayo, Fine Gael)

I am aware of the sensitivity and importance of the discussions taking place in Northern Ireland, which I hope can be brought to a successful conclusion. As I have pointed out on many occasions in the past, the Government has the full support of the Fine Gael Party and I am sure all Opposition parties in reaching a successful conclusion to the matter. I wish those involved in the talks well.

Today, Standards & Poor's has downgraded the rating of the Irish banks. I wish to raise the issue of lending capacity and ability to extend credit to businesses. Every business in the country now has a difficulty with the banks. When the National Asset Management Agency legislation was passed we were told it would be the panacea for all business ills and would sort out the problem of lack of credit facilities for businesses. The directors of banks have told the Oireachtas committee that they have no intention of lending back bonds given to them as credit for business. Most of the valuations are now being conducted and are being transferred to NAMA and on to banks. What is the Government's estimate of how much more will need to be invested into the banks in the form of recapitalisation from the taxpayer following the €11 billion invested last year? Having access to information from NAMA and from the banks, the Government should be in a position to ascertain the extent of the black hole that will need to be covered by the taxpayer in the form of extra recapitalisation.

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