Enda Kenny (Mayo, Fine Gael) | Oireachtas source

Previous Governments set out volumes of detail on objectives that were completely unachievable.

Deputy Collins asked about bank recapitalisation. Clearly, the successful sale of €2.05 billion in preference shares, including principal profit and accrued interest, by Bank of Ireland last week was important and a sign of confidence in itself. The State has now recouped a net positive cash return of €1.1 billion from its overall investment in and support for Bank of Ireland. That net cash return is before account is taken of the State's continuing equity investment in the bank, which is worth a further €1.2 billion at current market prices.

We dealt earlier this year with the constant barrage of comment about the promissory note and the liquidation of the former Anglo Irish Bank and Irish Nationwide. The question of bank recapitalisation is the subject of quite a deal of current discussion. Last night at the ECOFIN meeting, EU Ministers for Finance continued to deal with central elements of this issue.

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