Michael McGrath (Cork South Central, Fianna Fail)

If I may, I have limited time.

It may suit the Minister, Deputy Noonan, and the Government to blame everything on the bank guarantee and that is what he sought to do tonight once again in his speech. He ignored some basic facts. First, he and his party fully supported the bank guarantee. Second, on coming into office in March last there was still €36 billion of unguaranteed senior bonds in the Irish banking system and the Government will pay every single cent of that, which has nothing to do with the bank guarantee.

In relation to his colleagues in Government, the Minister had the good grace to come before the Joint Committee on Finance, Public Expenditure and Reform recently.

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