Mary White (Fianna Fail)

In today's Financial Times Dr. Patrick Honohan, Governor of the Central Bank, commends the Minister for Finance, Deputy Brian Lenihan's statement on the plan to restore Ireland's banks to health. As everyone knows, the Financial Times is the most widely read newspaper in the world. The message Dr. Honohan's article sends to the international community is that in Ireland the path to recover is now clear and that this week's package of banking policy measures represents an important milestone in our economic revival. As Senator Ó Domhnaill said, the credit review process is a critical part of this. Dr. Honohan says that while this package will increase the Government's ownership stake in the banks, it brings certainty as to the level of support for them. The banks are to be managed with a view to ensuring commercial performance and to get the best value for the taxpayer. Dr. Honohan's also states in the article: "Free of the most impaired part of their portfolio, and under new management, the Irish banks will have the ability and the incentive to refocus on providing financial services to support the recovery of the country's economy".