Brian Lenihan Jnr (Dublin West, Fianna Fail)

On the resolution legislation, work on it is under way in my Department. It is complex legislation. The United Kingdom succeeded in drawing up legislation but, in many respects, the implications of it have been found to be unsatisfactory. Other jurisdictions which have attempted to formulate such legislation have failed to date to do so. I am engaged in this operation, as are my officials. However, the House will appreciate that the core priority for me at this stage in regard to the five actual institutions that have been taken into NAMA is to have a credible posture and future planned for them. We have already finalised this in respect of Bank of Ireland. A capital plan in respect of Allied Irish Bank must be submitted by the end of this month. We are making rapid progress in that regard.

I agree with the Deputy that this matter of a resolution device is important for the future. In terms of the institutions, what is needed now is a tailored plan for each of them. Where Anglo Irish bank is concerned that tailored plan must be determined in the context of the discussions with the European Union and the structural plan.

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