Brian Cowen (Laois-Offaly, Fianna Fail)

In respect of Deputy Kenny's remarks, I outlined the position yesterday regarding the timeline for the budget, which has been a matter of agreement between the Commissioner and the Minister for Finance. It is a timeline they obviously find to be acceptable and the Government now must proceed with the four-year plan that is being published today. It is not a question of there being further, more rigorous, conditions as a result of the budget's introduction on 7 December and that is not the position. Obviously, were there to be an election or were a situation to arise whereby a budget was not introduced until the new year without full-year effects, that would be a more difficult situation. However, the Government is moving along the timelines that have already been agreed between the parties concerned.

In respect of the other matters, the Deputy will agree and understand that negotiations continue with regard to this matter. Although the size of any programme is not finally decided, an amount in the order of €85 billion has been discussed and the Minister has made clear from the outset that it will not be a three-figure sum. However, those talks are continuing. The fund for banking includes an amount for immediate further recapitalisation of the banks and a contingency in case of further losses. As this contingency is sufficiently big to deal with all possible outcomes, it is not expected that it will all be drawn down. We are talking about an overdraft here, as was mentioned by a commentator this morning. It is a contingency that is available to us as required. On the basis of the State's requirements beyond July, up to which we are pre-funded, it also is available for drawdown for that purpose. Furthermore, the Deputy will appreciate that all these issues can be market sensitive and negotiations are continuing. I can only state to the Deputy that these talks are proceeding as quickly as possible but obviously one must ascertain how this can be finalised before the Government considers the matter further.

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