Joan Burton (Dublin West, Labour)

I thank the Minister for his reply. It is now two and a half months since the Anglo Irish Bank year end. It is a State-owned bank. Speculation has appeared in the newspapers, uncontested by the Department of Finance, that the losses at Anglo Irish Bank are likely to be in the region of €10 billion to €12 billion, and I have seen mention of €14 billion. Is the Minister aware the bank is expecting to post very significant losses in the order of €10 billion and upwards when its year-end accounts are published? Does the Minister know when they will be published?

Second, as a consequence, does the Minister intend to recapitalise Anglo Irish Bank and to do so in stages? Again, there has been frequent comment in the media that an initial recapitalisation of €6 billion may be required but this may be insufficient and there may be further recapitalisation.

Does the Minister understand how upset many ordinary people are at the notion that the State will absorb perhaps €12 billion of losses in Anglo Irish Bank and, furthermore, that the State will then be required to pump a further €6 billion and upwards, either in a single interval or in stages, into the bank? Does the Minister have a position on the adequacy of the capital ratio given that the Financial Regulator is indicating a minimum of 8%?

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