Michael Noonan (Limerick City, Fine Gael)

There appears to be a misunderstanding that the guarantee only includes a guarantee for persons who bought bank bonds. It guarantees all creditors and the largest creditors in the banks are those who have money on deposit. If an individual opens a savings account and places his or her savings on deposit in a local bank, the bank owes the person in question the sum of money on deposit. One of the main features of the guarantee is that it guarantees deposits. It also guarantees certificates of deposits, commercial paper, senior unsecured bonds and notes and other senior debt specified by the Minister in accordance with EU state aid rules. At present, €117 billion of assets of creditors is covered by the guarantee. The Deputy should not forget when calling for the plug to be pulled on the guarantee that the people who will suffer are people like himself, his family, friends and neighbours whose deposits are guaranteed.

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