Brian Cowen (Laois-Offaly, Fianna Fail)

Yesterday I recorded our regret at the announcement of the loss of these jobs in Bank of Scotland (Ireland). I made the point that I had been assured that all customers of the bank would be looked after and would not be disadvantaged by the changes. Bank of Scotland (Ireland) will continue to have a presence in Ireland, albeit with the loss of 760 employees now gainfully employed who will no longer be part of the operation after July. It is also important to point out that the bank indicated it sees itself continuing as an independent entity.

In the context of having a viable and competitive banking system, the establishment of NAMA was to ensure that banks are freed of stressed assets and can access cash to lend on to businesses and households. That will be achieved by replacing property related loans with Irish Government bonds which will strengthen the balance sheets of the banks and increase their capacity to access liquidity in the financial markets and, if necessary, through euro system liquidity operations, making them better able to lend and support businesses and the Irish economy.

The contentions from the Opposition have varied from time to time but-----

See this speech in context