Brian Lenihan Jnr (Dublin West, Fianna Fail)

Two distinct issues arise. First, in the context of the current guarantee scheme, which, as a result of the House's decision last evening, provides for a comprehensive guarantee for all deposits, I accept that the end date of 31 December is awkward. That view is shared by the Commission. However, we must monitor market developments. It is clearly important for the State that we establish an exit route from the guarantee system. Even if the exit has to begin at a very high level, we must demonstrate that we have embarked on our pathway of exit from the guarantee system. On the Deputy's question regarding discussions between bondholders in any particular institution and the management of that institution, such discussions can take place with a view to the mutual advantage of both parties.

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