Joe O'Toole (Independent)

The night was going very well but the Minister has scared the wits out of us with his "we are not there yet" phrase. I presume the Minister wants to strike that from the record immediately. He never said "we are not there yet".

Senator Twomey asked the Minister to explain the Swedish model. In fairness to the point raised in the amendment and the question asked earlier, what happened in the Swedish model was that in the Armageddon situation where the banks did not have the cash to pay off their debts, the state was left with no choice except to take equity and ended up owning two banks which became one bank. That was the outcome of the Swedish model. That is a nightmare or Armageddon scenario. That is the way it would play out if we ever came to be at the place where the Minister said "we are not there yet". If we are, we may all start to explain something to the people.