Brian Lenihan Jnr (Dublin West, Fianna Fail)

I will now turn to the banking system and the serious challenges facing the State in this regard. Deputies Noonan, O'Donnell and Maureen O'Sullivan raised the question of burden sharing. This is provided for in the Credit Institutions (Stabilisation) Act 2010. We know senior bondholders rank equally with depositors in having claims in Irish banks. We know the long debate in Ireland on the mere possibility of default has caused immense problems for the Irish banking system. If one insists that one will torch a house does one expect to leave the house next door alone and leave one's deposit in it? This has been the quality of debate on this subject in this country for the past two years and we have paid a heavy price for it. Again, these issues will be determined in co-operation with our European partners-----

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