Brian Lenihan said the bank guarantee scheme was “a necessary first step” and “the cheapest bailout in the world so far” compared with bank rescues where “billions and billions of taxpayers’ money are being poured into financial institutions”.

“It allows us to move on and examine other questions which may have to be addressed to ensure the banks are put on a sound footing and will guarantee to the wider economy the necessary lifeblood that the system requires.”

“We are making arrangements for the appointment of new directors who will pursue the public interest in the banking sector. The regulator is recruiting staff who will help them at credit and audit committees at the banks and the financial institutions.”

“When all of that is constructed, we are in a much better situation to know what is happening in the banks.”

“We are on our own in the sense that we have to ensure that our banking system is reformed and restored to the position where it can provide the necessary credit essential for the successful operation of Irish businesses.”

“Our Government has a duty to give leadership on this issue and to ensure we retain that viability in this country.”

Image via Morguefile.com

Published by Gerard Cunningham

Gerard Cunningham occupies his time working as a journalist, writer, sub-editor, blogger and tweeter, yet still finds himself underemployed. Go figure.