Kieran O'Donnell (Limerick East, Fine Gael)

This is a stark day for the Irish economy. The Minister said NAMA was to deal with development loans but the purpose of NAMA was to free up credit for the SME sector. There is no logical reason to transfer the remaining development loans from Anglo Irish Bank to NAMA.

What is the expected cost to the taxpayer via the National Pensions Reserve Fund for the recapitalisation of AIB? The bank is included in the special purpose vehicle for NAMA. What are the implications for that investment with AIB nationalised? Will it contravene state aid rules?

The Minister mentioned the introduction of a special resolution regime. Will that happen before Anglo Irish Bank is broken up? The Minister referred to mutually beneficial discussions between the senior bondholders in the recovery bank in Anglo Irish Bank and the bank itself.

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