There are no proposals to give Anglo Irish Bank a guarantee of a different character from that of any other financial institution. This has not been raised as an issue. It is important, in the context of recent comments by the chief executive of the bank, to note that alongside the losses the State will occur on Anglo Irish Bank and Irish Nationwide, there are substantial gains through the State's investment in Bank of Ireland and Allied Irish Banks, some of which have already been realised, in addition to the payments on foot of the guarantee itself, and further gains for the State and the taxpayer from the National Asset Management Agency, which is doing a tremendous job in the valuation of assets while taking a realistic approach to the discharge of its responsibilities. This is something that Deputy Kenny will have to admit was not fairly acknowledged on his side of the House as being possible when the legislation was introduced.

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