I asked the Taoiseach a straight question. How much does he propose to take from the taxpayer to bail out the banks for dealings on what amount to dodgy developer debts? Deputy English pointed out last night that the staff of the Office of the Financial Regulator, when they appeared before Oireachtas committees, said that the maximum amount involved was €40 billion, but when he asked the Tánaiste to explain how this had suddenly risen to €90 billion there was no answer. The Minister for Finance was also unable to answer the question. What we are being asked to do is to give another blank cheque to Fianna Fáil to bail out the banks. Only the banks are happy this morning.

Hear, hear.

The Galway tent people.

Why does the Deputy not name the Galway tent people?

I understand €30 billion was secured on lands and other assets put up by developers when they took this money in the first place. We were told certain things in this House.

The Deputy told us a lot of things that were not true.

We were told there was no run on Anglo Irish Bank, that there was no impropriety in the banks, and that the Government would deal with the matter of bonuses and so on. These things were untrue, as we now know, as there was a 25% run on Anglo Irish the week before the guarantee came through.

I am entitled to ask this question on behalf of the Irish taxpayer. Yesterday, the Government took €4,600 from middle income families — almost €100 per week — for mistakes made by the Fianna Fáil Party which caused the structural deficit in the economy. That fault was created by the policies of the Fianna Fáil Party but middle income families are being made to pay for it.

I want an answer to my question. How much does the Government expect the Irish taxpayer to have to pay for the acquisition of dodgy debts to banks? Is it €90 billion, €50 billion or €40 billion? The Government is asking us to give it another blank cheque. However, it cannot be trusted in dealing with banks. How much will it take from Irish taxpayers to bail out the banks for these debts?

The Government does not know.

The Government is lumping the debts on the backs of Irish taxpayers who were screwed down to the wall yesterday. Their confidence, already deflated, is now punctured completely. Will the Taoiseach tell us how much is involved in this?

I am sorry to say that Deputy Kenny's characterisation of the proposal is totally at variance with the facts.

Give us the facts.

The Taoiseach has only begun to explain. Deputies should allow him to finish.

In the course of his statement to the House yesterday the Minister for Finance stated:

The potential maximum book value of loans that will be transferred to the agency is estimated to be in the region of €80 billion to €90 billion [although] the amount paid by the agency will be significantly less than this to reflect the loss in value of the properties. In the longer term, if the agency were to fall short of recouping all of the costs, the Government intends that a levy should be applied to recoup any shortfall. All borrowers will be required to meet their full legal obligations for repayment.

That is the first point.

What does that mean?

If the Deputy wants the answer to the question, he should listen to what I am saying. As I was explaining, the policy announcement was made yesterday. Work will now proceed in regard to the evaluation of what exactly will be paid. The national asset management agency will purchase the assets through the issue to the banks of Government bonds. The amount paid by the agency will be significantly less than the book value to take account of the agency's estimation of the worth of the loans and to compensate the State for taking on these risks. The banks will have to take the associated losses. That work will now be undertaken. No money will be transferred to anybody until the estimation of the national asset management agency has been undertaken, after which we will proceed with the transfer.

The banks are being given a blank cheque.

The Government is codding itself if it thinks it will recover €90 billion from the banks.

I have called Deputy Gilmore.