Brian Cowen (Laois-Offaly, Fianna Fail)

This point has been made clear previously. I want to make it clear to Deputy Gilmore that the issue here, which has been confirmed in reports which have been undertaken on behalf of the House, is that Anglo Irish Bank was a bank of systemic importance. Clearly, there were questions about liquidity issues arising in the banking system. There was also the question of what was the best thing to do for the next morning to avoid a run on banks and any contagion effect that would have. The decision taken - people in attendance on the night in question would have included the person mentioned in one of the Deputy's supplementary questions - was that a guarantee of the banking system was the best solution to the problem. An extensive guarantee has been confirmed by Professor Honohan as being necessary. He also confirms in his report that this was a bank of systemic importance, something the Deputy has questioned over 18 months.

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