Brian Cowen (Laois-Offaly, Fianna Fail)

The European Union has consistently stated in all of its statements that the policy approach we have been taking must be accelerated and deepened, not abandoned as has been suggested by Deputy Kenny. This involves difficulties for us as a country but we must deal with the situation as it is. The Governor of the Central Bank outlined the proposed strategy agreed on how to deal with the restructuring plan for Anglo Irish Bank. I refer to the interview with Mr. Chopra, who pointed out that the IMF has not sought a radical change in the direction of policy pursued by the Government but rather an intensification of the strategy. Regarding Anglo Irish Bank, it is envisaged that the deposit book will transfer from the bank but remain within the State. All deposits held by Anglo Irish Bank are safe and are covered by the deposit protection scheme for sums of up to €100,000. In addition, deposits are covered by the eligible liabilities guarantee scheme for sums above €100,000 for the full term of the deposit, up to five years, provided they are made prior to 30 June 2011. Any wind-down of the loan book of Anglo Irish Bank will be over a multi-year period, as in the current restructuring. The Government's primary objective at all times has been to seek to minimise the costs of this bank to the Irish taxpayer. It is intended to submit an agreed plan to the Commission by the end of January 2011, as the Governor indicated.

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