Brian Lenihan Jnr (Dublin West, Fianna Fail)

I welcome the opportunity to provide the House with information on developments regarding the Government's request for financial assistance and the meetings of the eurogroup and ECOFIN on 21 November 2010. The Government welcomes the decision of our European Union partners to provide assistance to Ireland, not only to address the banking and budgetary challenges we face but also to safeguard financial stability in the European Union and in the euro area.

Before I deal with the substance of the matters before the House, I wish to reassure the House on one subject as requested by Deputy Kenny. Earlier, Deputy Kenny sought reassurance that all deposits in Irish banks are secure. All deposits in Irish banks are secure; they are secure because the Government guarantees them and because as part of the euro system, the European Central Bank ensures that the cash requirements of the Irish banking sector are met at all times.

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