Brian Cowen (Laois-Offaly, Fianna Fail)

We are in the midst of discussions with the partners regarding these matters. The discussions are not finalised. It would be wrong of me to pre-empt the outcome of those negotiations at this time, but I will be as helpful as I can in the circumstances, consistent with the right interests of the country and the negotiations as they stand. That is all I can do.

With regard to the temporary nationalisation of the banks, had it occurred at that time Bank of Ireland, which subsequently got capital on the markets, would not have been able to get that capital. It would have had to come from the taxpayer because the bank would have been nationalised. As a fully funded State bank, that capital would have had to be funded by the State. Being able to raise capital on the markets in some measure has been helpful and effective in avoiding a further imposition on the taxpayer.

With regard to Deputy Gilmore's second point, we must wait to see the outcome of the present arrangements and what further capitalisation may be required. This will depend on a number of factors not yet decided, including the amount of capital and whether any of it can be got from other sources. That issue is not resolved. It is part of the discussions and I am not in a position to go any further with that today.

I was asked about amounts. It is not finally decided but a sum of the order of €85 billion has been discussed. The Minister for Finance has already said it is not a three figure sum. That is as far as I can go in relation to that matter.

On this being regarded as an overdraft, I simply used that term for illustrative purposes to indicate that it can be drawn down as required. We do not have to take on a loan of that size with full interest being charged thereon ab initio from day one. Having a facility raises issues but there will be a charging mechanism in the provision of the facility. That has to be worked out. That is technical and complicated work that is not yet completed. Given that there are different sources of funds for these facilities to be provided, it would be an average rate given the different rates which will apply to the funds from different sources. The current position is that any interest rate mentioned by anyone at present is speculative. I believe my comments answer the questions.

Giving Deputies a breakdown today depends on a range of factors that have not yet been decided upon, including the rate of drawdown were one to provide for more capital in the banks and the final position thereon. Given that we are pre-funded until July, the question arises as to the making of some contribution from our own resources, which is also under discussion in respect of how we deal with this matter. The negotiated facility will also result in a contribution. When the negotiations are completed and approved by the Government, the full details on all these matters will be made available to the House.

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