Brian Cowen (Laois-Offaly, Fianna Fail)

This has also ensured that the quality of security will be reflected in any valuation undertaken. We made clear at the time that it could only be done on the basis of a loan-by-loan valuation process, which differentiated between the various institutions and the loans they held. This is very different from the Labour Party's proposal for peremptory nationalisation without State guarantee, which I am clearly stating would have brought about an implosion of the system because-----

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