Maurice Cummins (Fine Gael) | Oireachtas source

I ask the Senator to let me continue. The error was compounded when the continuation of this policy became, in effect, a condition of the 2010 bailout programme required by Brussels and Frankfurt. If the Senator had waited and listened he would have got the response. It was feared that allowing a bank in Ireland to default on its debts would unleash panic in the financial markets across the eurozone. This debt now weighs heavily on Irish taxpayers and in the eyes of investors remains an obstacle to sustained market re-entry.

In dealing with the bank failures in Cyprus and the unique circumstances there, there has been a change of policy at European level. In Cyprus it has been banks' creditors, including depositors with savings over ¤100,000, rather than taxpayers who are being asked to pay for the banking losses. This change of policy is no longer directly relevant to Ireland. We have already recapitalised our banks and there is no longer any rationale for imposing loses on any creditors to Irish banks. It remains the firm Government policy to protect depositors in Irish banks through strong prudential regulation and enforcement. That is the position on deposits, banking and the bailout for Cyprus.

Senators Bacik and Colm Burke spoke about the Guthrie cards - a matter raised by a number of Senators in recent months. I am glad the Minister has halted the destruction of these cards and records-----