John Gerard Hanafin (Fianna Fail)

I will go through the list. AIB has raised more than €1 billion, Irish Life & Permanent has raised €379 million and EBS has received offers from five companies, with Americans prepared to pay up to €850 million to buy into it. Two other institutions are causing considerable difficulties and will see their assets transferred to the National Treasury Management Agency, NTMA.

Tomorrow, we will know the depth of what is due, but we hope the facts will not be misrepresented. The House saw misrepresentation when it heard that an increase in interest rates to 7% would be unsustainable. Let us and the media be clear, in that what we had in the 1980s would eat what we have now for breakfast. Unemployment was at 18%, inflation was at 22% and interest rates were at 20%. That was a deep recession.

We took early and immediate action that was copied throughout Europe. It has served the State well. It was necessary and proportionate. We are winding the guarantees down at full value, with shares in the banks, with full payment secured and €1 billion already in the bank. The scheme is serving us well, but we are winding it down appropriately. The action we took was necessary and correct.