Paul Coghlan (Fine Gael)

I am trying to let him down gently. We are living in continuing uncertain times which are very difficult for everybody in the economy. NAMA has been sanctioned, subject to the restrictions and terms imposed by the European Commission, but there has not yet been sanction from the Commission for the banks' individual plans for the next five years which are vital. We do not want to see AIB having to follow in the footsteps of Bank of Ireland in handing over to the State a shareholding of that nature. It is to be hoped, in the case of AIB, that Brussels will sanction the necessary business plans which have been submitted since late last year. The Government needs to place a much firmer hand on the tiller and be much more assertive. We do not know what will happen following the transfer of the portfolios to NAMA. We learnt today that AIB will sell €23.2 billion of assets to NAMA, which represents a decrease of €1 billion on the amount that was planned. For the first time since 1966, when its three constituent banks came together, AIB has recorded a pre-tax loss of €3.3 billion. These are huge figures with enormous consequences. Like everyone else, I would like to know what shareholding the Government intends to take in the banks following the transfer of the NAMA-bound portfolios. We need to know that, in the public interest. The Government has set its face against nationalisation — properly, in my view — but we are now having creeping nationalisation. We urgently need a debate so we can get answers to all of these questions.