Brian Lenihan Jnr (Dublin West, Fianna Fail)

The Governor of the Central Bank has indicated that the stress tests on the banking system will be announced by this day week. On all previous occasions when such stress tests were made, the Minister for Finance made a statement in the House responding to the results of the stress tests conducted by the Central Bank, indicating how the capital shortfalls, burden sharing or other arrangements to be put in place to ensure a shortfall were made up. I ask the Tánaiste if time will be set aside and on what date next week for that purpose.

Newspaper reports this morning suggest that the chief executives of various banks are already being briefed about the results of these stress tests. It is important for the Government to be accountable to this House with regard to stress tests and specifically relating to the amounts of capital required and if an extension of burden sharing beyond the subordinated bonds already subject to burden sharing can be agreed, or as part of our negotiating position with the European authorities. As the Government is no doubt aware, its predecessor raised this question with regard to unguaranteed senior debt at the time of the EU and IMF discussions. The European Central Bank at that stage set its face against any such burden sharing for unguaranteed senior debt.

It is very important for the reputation of the country abroad-----

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