With regard to NAMA, I point out to Deputy Kenny once again that the means by which we deal with the problem of credit availability in the Irish economy is by ensuring that banks get access to funds either through their deposits or through access to wholesale money markets. What the NAMA legislation achieves is to identify the level of distressed assets. Without identifying that level of distressed assets, the ability to obtain credit from the financial system is not what it would otherwise be in the Irish banking system. To use that figure for the level of distressed assets as a means of leveraging further credit into the Irish banking system from the European Central Bank is the best means by which we can do that. There is plenty of support for that position, including among many in the IMF. The EU has guidelines relating to these matters. All of them are supportive of what the Government intends to do in this area.

No, that is not true.

It is not correct to say that there is not support for this proposal. In fact, the NTMA has been able to obtain long-term bond issues, which confirms there is greater confidence from international money markets——

It is borrowing, but at a price.

——as a result of the announcement and decision to implement the NAMA legislation.

Bank shares have gone up.

Those are the facts about the matter. The availability of credit is very much determined by the amount of credit that can be obtained by the system. The NAMA legislation will provide the means by which that will happen through the issuing of bonds and the ECB providing money at the rates that are currently being discussed.

Has the Government received a guarantee from the banks?

Those are the facts about NAMA——

There is no guarantee though.

It provides us with the means by which we can increase credit in the system. That is the situation.