Brian Cowen (Laois-Offaly, Fianna Fail)

I am not going to anticipate the terms and content of the debate. From the Government's point of view, the debate is about setting out a banking policy that is credible, that provides the prospect of confidence in our economy domestically and internationally and that enables the banking system and financial institutions to serve our economy's needs at this critical time. This is the basis of the debate and the statement from the Minister for Finance. It is for others to decide how they wish to contribute to the debate. We are making the point that the detail to be announced by the Minister follows due and careful consideration by the Financial Regulator, the Central Bank and its Governor and the Department of Finance, working with the National Asset Management Agency and the National Treasury Management Agency. This is the proposed way forward and represents the Minister's input and that of the Government. This is the way forward for us in the circumstances in which we find ourselves and for us to have a banking system that is fit for purpose for the country.

It seems there are some in this debate who wish to suggest that we can continue with the status quo or that there is some other option by which one can provide for the necessary credit availability in the economy on a sustainable basis without the need for the recapitalisation of these institutions. That is not tenable and the NAMA model we have brought forward provides the means by which the losses can be ascertained and, therefore, differentiated and a professional approach can be taken in respect of the decisions the Minister will announce in the course of his speech today. This is our position and it is for others to put forward their positions in respect of whether they have a policy alternative.

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