Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Question 216: To ask the Minister for Finance the representations received concerning the inclusion of a bank (details supplied) in a scheme; if so, from whom they were received; and if he will make a statement on the matter. [15111/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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There were no representations from the Bank referred to by the Deputy. The Credit Institutions (Financial Support) Scheme 2008 was approved by both Houses of the Oireachtas on 17th October 2008 following the receipt of EU State aid approval for the introduction of the scheme. On the basis of the advice of the Governor of the Central Bank the institution referred to in the Deputy's question was one of a number of institutions specified in the Credit Institutions (Financial Support) (Specification of Institutions) Order 2008 as requiring financial support in accordance with the objectives of the Credit Institutions Financial Support Act, 2008.

The Governor of the Central Bank of Ireland and the European Commission have both specifically acknowledged the systemic importance of this institution and the new Financial Regulator has recently said that he believes this institution was of systemic importance at the time the guarantee was introduced. The Deputy may wish to note that excluding any systemic institution from the scope of the guarantee would have undermined the stability of the entire financial system at a time of unprecedented turmoil across the whole of the global financial system and intense pressures on the liquidity position of the whole banking system.