Damien English (Meath West, Fine Gael)

Should we make plans for New Year's Eve or should we hold off on doing so in case our presence is required in the House? Is the Minister in a position to outline the net loss or cost relating to the various bank guarantees? I accept that there are charges involved but there have been losses and gains. What is the net figure? What is the Department's estimate for the overall annual cost to the taxpayer of the various bank bailouts, including NAMA? How must extra per year are we going to be obliged to pay out? I accept that the cost with regard to opportunity is massive but I wish to concentrate on the direct costs involved. I am sure the Minister is in possession of some figures in this regard. I am of the view that some profits will accrue but in the main there will only be major losses.

Does the Minister stand over the statement that NAMA will wash its own face and make a profit? He indicated that today's events will bring closure in respect of the process of determining the level of State support required. That is not really the case. I imagine the markets are going to be monitoring matters to discover what will be the end result with regard to NAMA. The position in respect of Anglo Irish Bank has still not been really resolved. We have been informed that the cost is €29 billion with the possibility that a few billion more might be required. In his speech in the debate earlier today, the Minister said he wanted us to "have for the future a banking system that is firmly focused on meeting the needs of the real economy, sustainable employment creation and the savings, investment and credit needs of ordinary individuals, households and businesses". What does he mean by the future? When will that banking process provide credit to businesses? When the head of the Credit Review Office appeared before a committee last week, he agreed with me that even at this stage we should be considering a State recovery bank to get money to small businesses.

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