Michael Noonan (Limerick City, Fine Gael)

I move amendment No. 2:

To delete all the words after "Dáil Éireann" and substitute the following:

"— recognises that the Government inherited a situation in relation to the banking sector and specifically in relation to Anglo Irish Bank and Irish Nationwide Building Society which resulted directly from the decisions taken by the previous Government;

— recognises that decisions taken by the previous Government included the decision to guarantee the debts of the covered institutions. This decision and consequential decisions taken by the previous Government have effectively transferred the liability for private bank debt to the taxpayers of this State and contributed to the need for the EU-IMF bailout;

— recognises that the overall cost to the State of promissory notes provided to Anglo Irish Bank and Irish Nationwide Building Society currently stands at €47.4 billion;

— acknowledges that the Government should not act unilaterally in relation to the repayment of unguaranteed senior debt and should have regard to the views of our partners who are providing the requisite funding for the financial institutions;

— acknowledges that the Government is working with our partners in the EU and IMF to address the situation and is actively involved in discussions with a view to reducing the overall cost to the State;

— affirms that the approach being pursued by the Government, given the situation the Government has been presented with, is the optimum approach which will produce the best medium to long-term outcome for the State and the taxpayer; and

— encourages the Government to press ahead with discussions and negotiations around a range of support measures that recognise the contribution made by the State in support of the stability of the Eurozone."

With the permission of the chair, may I share time with Deputies Mathews, Costello and McCarthy.

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