Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Question 7: To ask the Minister for Finance the extra supervisory steps which have been taken on the six credit institutions covered by the system wide guarantee granted on 30 September 2008; and if he will make a statement on the matter. [35112/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Intensified oversight and scrutiny of financial institutions has been in place since the onset of the current turmoil in financial markets. I note that the Chief Executive of the Financial Regulator, appearing yesterday before the Oireachtas Joint Committee on Finance and the Public Service, stated the Regulator intends to increase further its focus on the management of credit and liquidity risks of the banks, through measures such as the deployment of additional senior supervisory staff and introducing enhanced reporting obligations in relation to capital, asset quality and individual large loans to supplement its daily liquidity reporting requirements. Later today, under powers conferred on me by the Credit Institutions (Financial Support) Act, 2008, I will present to the Houses of the Oireachtas the scheme setting out the detailed terms and conditions on which support will be provided to financial institutions, including additional provisions to ensure that high standards of regulation are achieved in Ireland and that the quality of corporate governance in the institutions that benefit from the guarantee acts as a bulwark against any risk of loss for the State.

In relation to the increased access to funds that credit institutions have enjoyed in recent weeks, it is to be welcomed that the guarantee of deposits and lending to credit institutions active in this economy has, as intended, enabled credit institutions to access adequate liquidity.