Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Within the Department of Finance we have a finance unit which looks after the State's assets across the system, which are in the control of the Department of Finance, particularly the State's holdings in the different banks. When one thinks through the recapitalisation retroactive option, it was always envisaged that there would be some form of exchange of shares in the banks for capital upfront, and that this capital would be used to reduce the debt. While the technical work has been done on it, there is a question of value, price and judgment in all these matters.

I certainly do not wish to talk ourselves into a position where just as the banks are becoming valuable, we give them away for the second time.

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