Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

In the first instance it is a matter for the financial institutions themselves to consider and determine their strategic arrangements, subject of course to necessary regulatory, competition and other relevant requirements. Regarding the State's role, its primary consideration continues to be to protect, in the public interest, the financial and economic system of the State. Where public support is provided to individual institutions, either in the form of participating in NAMA or by way of the provision of capital, such institutions will be required to prepare and submit restructuring plans to the EU Commission. So far, re-structuring plans have been submitted by Anglo Irish Bank, Bank of Ireland and AIB and, in due course, re-structuring plans will also be required from the two building societies.

I fully support the idea of a reformed and reinvigorated banking system that can serve our economy in a proper manner and within which there is scope for all credit institutions operating in the Irish market to play their full part. The Central Bank and the Financial Regulator are also significant stakeholders in the future shape of the financial system and their views are important. I will continue to encourage all institutions to examine, separately or jointly, how they can meet their capital or funding needs and develop business models to support economic development. I will consider all or any options presented to me and, insofar as possible, play a positive role in supporting the delivery of viable plans consistent with competition and State aid requirements.