Enda Kenny (Mayo, Fine Gael)

The Government's decision of last week brought about certainty and clarity regarding the Irish banking sector. This is very important for business. It has been received in that light by international commentators, the European Central Bank, the European Commission and the International Monetary Fund. It was about time someone made a decision in respect of the Irish banking sector.

The Government looked at the positions of six dysfunctional banks and a country that could not borrow money on the international markets, whose banks could not borrow money and where every cent coming in was being provided from abroad. The Government's decisions give clarity and certainty to that. This has been followed by clarity from the ECB in respect of its ongoing commitment to liquidity in the Irish banking system, which is important in getting confidence back into our economy. Thursday's payments of €2.5 billion and €530 million from the Exchequer to Anglo Irish Bank and Irish Nationwide arise from the promissory note made by the previous Government. I have said on many occasions that there is no point in not telling the people what the facts of life are.

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