Michael Noonan (Limerick East, Fine Gael)

I do not know at what venue the Minister was speaking in the clip shown on "Prime Time" last night. That is what he said on the clip shown on "Prime Time". I do not know in the context of what debate the Minister said it.

The Minister, on leaving the House on the night of the guarantee two years ago, went to the Seanad where Senator Liam Twomey moved an amendment to the motion seeking that a cap of €10 billion be put on the total cost of the guarantee. The Minister in reply stated that he would be amazed if the final figure was anything near that amount. In his contribution tonight, the Minister stated that €153 billion has been the outlay over the two years. I am inclined to believe the Minister was misled.

New information recently emerged through the release of information to the Committee of Public Accounts. This information is I believe relevant to the issue before us. It is important information. We are told in the documents that a couple of days before the guarantee was introduced in this House, Anglo Irish Bank asked the Bank of Ireland to take it over lock, stock and barrel because it was broke and could not cover its liabilities. In other words, it was insolvent. It is hard for us on this side of the House to believe that four days afterwards the Minister was able to come in here and say the problem was one of liquidity and not insolvency. One would think the Governor of the Central Bank, Financial Regulator or officials in the Department of Finance would have heard either directly on the grapevine that Anglo Irish Bank was selling itself around the town to any bank who might buy it.

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