Enda Kenny (Mayo, Fine Gael)

The Minister for Finance will bring forward a number of proposals in respect of the consequences for mortgage holders in this country. The Deputy is aware of the announcement made today by AIB regarding huge job losses over the near term, which is obviously a very serious concern for those directly affected. We made the point that in reducing the scale of the banks in this country, it would be necessary to dispose of assets which would reduce their overall costs and, therefore, bring them more into line with what they should be doing to provide a proper banking structure and to be able to lend into the economy. The Government considered the overall banking position, made its decision known and that decision has generated positive comment internationally. At last, the first decisive steps have been taken to provide a banking structure that works and we will move on now to enabling banks to lend into the economy so business can be stimulated, growth fostered and jobs created. That is the fundamental commitment in the programme for Government.

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