Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The answer to that question is "No." I was not sure whether the Deputy was going to propose that Anglo Irish should have been made a pillar bank, if one was to follow through on his dissertation. There are two things he should bear in mind. First, the fact that Mr. Ross invested in Bank of Ireland meant there was less of a capitalisation requirement for the taxpayer. Second, there will be no legacy debt attached. When the Minister for Finance brings his memo to the Government with a recommendation to dispose of the State's element of ownership of Bank of Ireland, the taxpayer will make a profit. Therefore, the taxpayer was saved from further capitalisation of Bank of Ireland and when the Government decides to dispose of its shares, the taxpayer will make a profit. I am no fan of banks. As the Deputy is well aware, what has happened from the point of view of the Government is that it has put in place a set of targets and requirements for banks and the Central Bank: to offer every mortgage holder in distress a sustainable offer by the end of the year; establish the Personal Insolvency Agency; meet the requirement for SME lending; and provide the opportunity to open doors for greater access to credit in order that people can do business and create jobs.

The answer to the Deputy's question is that the Minister for Finance will not be sacked; the taxpayer will make a profit on the disposal of the shares we own in Bank of Ireland.

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