Brian Lenihan Jnr (Dublin West, Fianna Fail)

I commend the new Governor of the Central Bank, Professor Patrick Honohan and the new Financial Regulator, Matthew Elderfield on their work in this process. They are independent of the Government in the exercise of their functions and that is as it should be. When Deputy Bruton criticised the Government for giving the banks too much time for capitalisation, he missed the crucial point. The requirements on capitalisation are now laid down by the regulator. As a result of the decision made by the regulator today, Allied Irish Banks have until the end of April to draw a definitive capital plan. The time available is quite limited. I commend the NAMA management team who have proven the critics wrong by operating in a hard-headed and commercial manner in the best interests of the taxpayer.

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