Brian Lenihan Jnr (Dublin West, Fianna Fail)

The Order of Business is as laid before the House this morning. I did not hear an alternative proposal from the Opposition leaders who wish only to discuss banking matters.

Let us be clear about one fact. Permanent TSB has not applied to join NAMA and it has not received one cent in capital from the State. Once again, Deputies Gilmore and Kenny referred to a collective entity called "the banks". The particular news report on which this morning's questions are based is correct, namely, the board of Permanent TSB is meeting today to consider its options, which are difficult. Deputies will be well aware that interest rates are at historically low levels. Permanent TSB issued a large number of tracker mortgages which means it cannot, at the interest rates charged by the European Central Bank make a profit on its mortgage book.

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