Brian Cowen (Laois-Offaly, Fianna Fail)

That is the narrative that the Labour Party and Fine Gael - the latter from time to time, though not as often - have put about non-stop. Of course, it resonates for them and they are obviously getting some votes out of it. I want to make it as crystal clear as I possibly can that every decision we made at a time of great crisis in this country was objectively based. Everything we did was for the purpose of seeking to protect the interests of this country.

If people want to read the reports, including the Honohan report and Regling-Watson report, but particularly the former, they may do so. The Honohan report outlines the seriousness of the situation that faced this country on the occasion in question. It outlines what had happened over the weekend in question. It outlines the closure or failure of Fortis bank, it refers to the growing problem in Bear Stearns and states the TARP toxic asset plan in Congress was rejected over the weekend in question. All of that meant we had a systemic problem facing us on the night. It did not pertain solely to some specific institution because the whole system was at risk. The Honohan report confirms that if the guarantee had not been implemented, the doors of the banks would have been closed within days. I paraphrase the report. Those are the facts.

The argument of the Labour Party, which at the time in question totally opposed the guarantee and said there should have been none - it has modified its position since then-----

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