Willie O'Dea (Limerick City, Fianna Fail)
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Question 82: To ask the Minister for Finance his plans to pursue the objective of obtaining a medium term affordable facility from the European Central Bank to replace emergency funding to Ireland's banks. [8278/11]

Michael Noonan (Limerick City, Fine Gael)
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I would draw the Deputy's attention to the supportive statement issued by Governing Council of the ECB following the publication of the capital and liquidity assessments of the Irish banks on 31 March. The Council stated that the Eurosystem would continue to provide liquidity to banks in Ireland. In addition, the Council announced that it would accept securities under Irish Government guarantee irrespective of the credit rating. These positive moves by the ECB are a recognition of Ireland's efforts to deal with the banking crisis and clear evidence that the ECB's commitment is not merely short term. The issue of a more formal medium term arrangement will be kept under review.