Brian Cowen (Laois-Offaly, Fianna Fail)

The Deputy has derived much political advantage out of the suggestion that it was possible to save our economic and banking systems in the absence of that guarantee. I do not seek to be involved in an argument every day of the week about this. I refer to the deliberations of the report of Professor Honohan, the Governor of the Central Bank, in regard to that matter. It is clear that the argument is very much in favour of the Government, almost to the point that it is beyond dispute. Yet, because there is plenty of political currency in this country in continuing to go on with the proposal, the Opposition continue to throw it out there because it gets it plenty of popular support. The fact of the matter is that, whether we like it or not, the guarantee was necessary. The euro group, in its statement last night, confirmed that the policies that we have taken in an effort to provide the necessary stability is supported by all in the euro group, not by what Deputy Gilmore has to say but by what this Government has had to do.

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