Martin Mansergh (Tipperary South, Fianna Fail)

Senator Burke referred to the credit institutions not listed on the Stock Exchange, notably EBS and Irish Nationwide. The Government announced proposals for the recapitalisation of the two main banks and it nationalised Anglo Irish Bank. It has announced that it is in discussions with the other institutions covered by the deposit guarantees, Irish Life & Permanent, EBS and INBS, concerning their respective capital positions and review of the guarantee scheme.

There are several options available if further funds are needed to recapitalise the banks. It would be possible to invest Exchequer moneys directly under the Credit Institutions Financial Support Act 2008. It would be possible to provide moneys from the Exchequer to the NPRF commission for investment in a listed credit institution under this Bill and it would also be possible under this Bill for the Minister for Finance to direct the commission to invest in a listed credit institution from its own funds.