Ivor Callely (Fianna Fail)

I concur with Senator Quinn's remarks on the future of the country. While we should not underestimate the challenges we face, equally it is important not to overstate the difficulties we are experiencing. Most important, we should be positive about our future. People are able to consider what we achieved, how we achieved it and how we can travel that road again. To do so, we will need unity of purpose, firmness of resolve and a belief in our ability to succeed. We must send out this message clearly.

I welcome the €7 billion recapitalisation of Allied Irish Banks and Bank of Ireland to assist the stability of our financial institutions, instil confidence in both banks and facilitate them in lending and providing facilities for customers. This is an important and welcome initiative. We should also welcome the structure of the recapitalisation programme, including the stipulation that where a customer experiences difficulties, the banks will give the customer reasonable time to seek to agree an approach to resolve problems and provide appropriate advice. This is an important development as this approach has been absent. The issue of credit availability is another extremely important issue which should be welcomed.

I have every confidence in the Minister for Finance, Deputy Brian Lenihan, who has done a great job to date. We should be conscious of the major sensitivities associated with the reports available to the Minister.