Brian Lenihan Jnr (Dublin West, Fianna Fail)

That is not a policy and Deputy Bruton will have to face that. Where I believe there may be room for constructive discussion between us is on minimising the cost of Anglo Irish Bank because Fine Gael has always accepted and always maintained that the bank should be worked out over time. The question arises, and the chairman-designate has raised the issue, as to whether a good book can be identified within that institution, which can lessen further the cost to the taxpayer but they are the real options here.

The purpose of giving the figures on Tuesday afternoon was to give a measurement of this problem and to at least outline how the problem can be worked out over time. The promissory note device has been used to average the cost to the taxpayer over a period of time and to ensure there is no jeopardy to our sovereign position in working out this bank. It is clear there has been no jeopardy from the international reaction. There has not been a move in our bond spreads. Moody's marginally upgraded Bank of Ireland and Allied Irish Banks this morning. That is the position on that.

Deputy Bruton also asked about the formulation of the guarantee in September 2008. Let us be clear about this. The banks were running out of money. The approaches to the Government were made by both chairmen and both managing directors of Allied Irish Banks and Bank of Ireland. It was suggested during the debate and repeated in newspaper articles since by Deputy Noonan that approaches were made by other banks or bankers in connection with this guarantee.

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