Michael Noonan (Limerick City, Fine Gael)

I thank Senator Byrne for his support with regard to the credit unions. It is very important that the regulatory authorities be supported as they move to recapitalise the credit unions. Every Senator and Deputy will be lobbied. It is not so long ago, this time last year, since we were being assured by all the banks that the Irish banking industry was completely different, that there were no impaired loans in Ireland, that Lehman's was an American event and sub-prime lending was an American practice, that we had the best banks in the world and our situation was completely different. I remember that a fortnight before Anglo Irish Bank went bust, the senior people there briefed the current Taoiseach and my colleague Richard Bruton and gave them absolute assurances that there was no problem and that it was only vicious rumours by trade competitors that were causing the problem.