Brian Lenihan Jnr (Dublin West, Fianna Fail)

I am not trying to lecture the Deputy when I say it is important to understand that the issue does not pertain to assets and liabilities but to the ability to pay obligations as they fall due. The statement in my earlier reply on assets and liabilities is the current position on solvency buffers as a result of the information which came to the attention of the Financial Regulator. The company remains in a position to deal with its obligations as they fall due in this State and that ability will be maintained. The Deputy rightly asked why the basic solvency cushion has disappeared. This happened because of the conduct which the regulator became aware of last week and he has taken prompt action in response. Detailed investigation remains to be conducted on the precise nature of these transactions, in whose benefit they were executed and who was aware of them.

I have already communicated to the regulator the concerns raised by Deputies Noonan and Crawford and I am confident he will outline to the administrator our desire to safeguard employment and activities as much as possible.

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