Brian Cowen (Laois-Offaly, Fianna Fail)

That is the situation. There is no suggestion from the Deputy or anybody else that would suggest that we could get easier access to funds by not having that bank guarantee in place. In fact the bank guarantee has provided us with the means by which banks have been able to continue to operate and has reduced the cost of access to funding. In addition, the banks are paying for the guarantee. Despite all Deputy Gilmore's efforts to suggest that the Labour Party has an alternative credible model, it does not because the basic facts he is proposing would have meant meltdown within the Irish financial system, and that is indisputable.

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