Brian Cowen (Laois-Offaly, Fianna Fail)

I am in no way seeking to avoid my responsibility to keep the public informed. The Deputy has acknowledged that there are ongoing negotiations and acknowledged this in respect of the interest rate and other matters.

No decisions on bank restructuring have yet taken place. I am not holding back with regard to any issue. The Deputy may consider various scenarios. They have been discussed in the financial press and other media. The Deputy is aware that these matters have an impact in terms of market sentiment and it would be irresponsible of me to give the Deputy a figure when decisions have not been made in this area. We know from the statements made by the EU Finance Ministers that we need to build upon and intensify the measures we have already taken, which have been supported. It is far from the case that our European partners, who are prepared to sit down with us to underpin financial and banking stability for the future through the provision of the facility, are suggesting we have given a bum steer. Rather, they are supportive of all the initiatives we have taken and believe we must build further upon them, recognising as they do the capacity of a small state to source all the funding required. That is the position. The Deputy's assertion that there are bum steers being given is blown away by the fact that our European partners, the banks with which we deal and the institutions are supportive and agree that the decisions we have taken on this matter have been the right ones. That is the truth of the matter and if one looks at the statements one will note that is the fact. Deputy Gilmore continues to suggest that temporary nationalisation of the banks would not have resulted in NAMA-----

See this speech in context