Martin Mansergh (Tipperary South, Fianna Fail)

In regard to any link between the establishment of NAMA and the bank guarantee, these are among the suite of measures which have been introduced to stabilise the financial system and, in their totality, they will result in a reformed, reinvigorated and stable banking system, which can meet the needs of the economy.

It cannot be repeated often enough that it is not a blanket guarantee but a guarantee for specific debt issuances and deposits, including longer-term debt. This guarantee is designed to allow banks that can to issue unguaranteed debt or accept unguaranteed deposits and, thus, move towards an exit strategy.

I thank Senators for their contributions and I commend the motion to the House.