Peter Mathews (Dublin South, Independent) | Oireachtas source

This is important. A total of €61 billion was redeemed. Everyone was beginning to recognise that all the Irish banks were as bust as a few of us had been saying. How did they get the money to pay back all these bonds? They got it from the euro system and emergency liquidity assistance. This is why I keep battening on and why I continue to ask the Government to batten on to try to get some credit or loan capitalisation for the banks. Why? If the banks had enough capital they would actually be writing down the loans.

The strange thing is that Wilbur Ross or his associates know that they will have to do it soon and that there will be further provisioning, because the bank is out of line with the others at 8.8% provisioning. When the bank does that, I anticipate, as opposed to speculate, that the share price will drop when they decide they must do it. When the price does drop, the speculators will come in and buy more Bank of Ireland shares but they will be buying into a good bank because it will have made the provisions.

They are throwing bones to everyone in three and four-hour hearings and so on. The real problem is not out on the leaves, although it is for those who are out in the leaves in households, those burning in agony and so on. However, the way to cure the problem is to look at the roots and the nourishment required by the tree. What health is the bank in? The banks need more creditor or euro system capital. I will add to that: the country should-----

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