Seanad debates

Tuesday, 30 September 2008

Economic Situation: Statements

 

4:00 pm

Photo of Marc MacSharryMarc MacSharry (Fianna Fail)

That is business. If they are not, it will be reflected in their share prices.

What the Government has done today is to take decisive action. It has given an example to the rest of the world. That is the international sentiment on what the Irish Government has done. The British Government immediately stated it was watching what was happening here, and the Opposition in the UK has said the same. We have seen a bounce in the markets today. That gives certainty to the investor and it is also of advantage to our banks. As other speakers said, they get their funding from two sources: deposits and interbank lending. Banks throughout the world would like to lend exclusively to Irish financial institutions on the back of this guarantee. That is welcome.

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