Paul Coghlan (Fine Gael)

There is no doubt that the indication from the Minister for Finance, Deputy Noonan, in the Dáil last night is a good news story. I agree with Senator O'Brien that it behoves us all to send our best wishes to him and the Governor of the Central Bank, Patrick Honohan, on wrapping up the detail during the ECB meeting. They both have been sure-footed in all the negotiations to date and have done a very good job for the State. From the ECB's point of view, a long-term Government bond is much more acceptable as security than a promissory note. This could be a win-win for both sides, and I hope at a reduced rate of interest.

The requirement by AIB that in order to have a bank account, one must have a minimum of €2,500 in a personal account, is a bit much and is over the limit. We must not forget, however, that the State has €21 billion invested in AIB and all banks must be run on a sustainable basis if we are ever to get a return on that investment for the taxpayer. We should not forget that point.

The banks must be able to stand on their own two feet, give a return to the taxpayer and reduce their dependence on the State investment.