Marc MacSharry (Fianna Fail)

The scheme has been outlined in detail by the Minister of State, Deputy Calleary, and the views of many colleagues have been heard. I agree with the continuation of the eligible liabilities guarantee scheme which covers Irish retail, corporate and interbank deposits. The scheme has been in existence for almost one year and replaced the bank guarantee of September 2008. We have earned money from providing such guarantees and will probably earn in the region of €800 million next year for extending them.

The print media, the airwaves and all aspects of communications have been consumed in recent weeks and days by the potential of Ireland not to meet its commitments and nervousness about what will happen in the entire eurozone. I will make a few quick points. First, our cash position remains positive. It is a fact that the country is fully funded to the middle of next year. Greece was not funded. That is why it had to seek a bailout.

Ireland is not in that position.

People's deposits are 100% secure. The Irish sovereign is well funded into the middle of next year. There are problems with the structures of the banking system. Circumstances have evolved over the past year such that the vulnerability of the Irish banks has increased to a very nervy and volatile level, to the extent that funding is difficult to secure. The international interpretation of the stability of the euro must be considered if economies such as Ireland, Spain, Portugal and others are having difficulties. It is interesting to note that all our European counterparts have praised the Government for the actions it has taken.

As factual information was made available to the relevant authorities in this State, appropriate actions were taken.