Michael Noonan (Limerick City, Fine Gael)

While I disagree with the conclusions reached, if one considers the relevant data, it is obvious that sufficient funds are available in order to recapitalise those European banks which require it. I do not agree with the conclusion reached at the time that only four or five banks required recapitalisation. If one considers the data in the context of where the line was drawn, one will see that it was stated every institution with tier 1 capital below a certain percentage was okay. The line was drawn too low. The relevant data are available. The IMF stated €200 billion would be required for recapitalisation. I do not know if that will prove to be the case, but it is my view that well in excess of €100 billion will be required. Perhaps the eventual figure will be somewhere between these two amounts.

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