Enda Kenny (Mayo, Fine Gael)

I might respond to the speech made by Deputy Higgins by stating that it was the unilateral guarantee which was given that was identified as being impossible to resile from. The discussions in which I engaged in respect of restructuring involved explaining the Government's decision to move away from having six dysfunctional banks in order that we might establish two core pillar banks which would be in a position, through deleveraging, to make credit available to small businesses and to lend money in order that we might engage in job creation and develop our economy.

The Deputy referred to the German banks and the fact that they lent money to Irish banks which, in turn and in many cases, lent it on recklessly. The latter added to the confusion that existed and helped create the situation in which we find ourselves. From that point of view, the discussions in which I was involved centred around the decisions taken by the Government to move towards resolving this matter.

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