Today, we are expecting what amounts to the fourth bailout of the Irish banking sector. We had the announcement of the bank guarantee, the recapitalisation announcement and the NAMA announcement. Each of those announcements was, in the words of the Government, designed to get a well of cash flowing, to sort out the banks and to make credit available for business and SMEs throughout the country, but this has not happened. The impact of the failure of the Government's banking strategy has been that more than 430,000 people are now out of work and we have an unemployment rate that is twice the European average.

Yesterday, the Minister for Finance said that today was the moment for the State to take decisive action to sort out the banking sector once and for all — those were his words yesterday. Will the Taoiseach confirm that the Government has backed off on its stated intention of recapitalisation of Allied Irish Banks and Bank of Ireland today and that, in doing so, it has again prolonged and deepened the uncertainty about the future of both banks?

Second, will the Taoiseach confirm that the Government has decided today to inject a further €8.3 billion of taxpayers' commitment into Anglo Irish Bank? Can he give the House and, as a consequence, the people of Ireland a guarantee that this will be the last such injection into what is a dead bank that is not in a position to lend any money? Will he give me those two guarantees?

First, the Deputy is incorrect in what he says in regard to the main banks. I understand a briefing has been provided to the parties and I would be surprised if that is his understanding of what is about to take place. Obviously, I do not wish to anticipate the statement that will be made. The markets do not close until 4.30 p.m. and I would have thought the importance of respecting that would have been obvious to everybody.

Anglo has been closed for two years.

Second, what we are doing today is to provide, as a result of the independent Financial Regulator's requirement to have best practice in terms of the emerging capital ratios required for investor confidence in our banks, that they be fit for purpose and that the capitalisation that is required arising from that will in fact reflect the maintenance of capital ratios which will enable us to move forward in our banking system.

What is clearly the case is that the banking policy, if one could call it that, which the Deputy has continued to espouse in regard to one of those banks would have meant having to find €65 billion of funding immediately because of his refusal to deal with the situation in a rational way. It is because of this that the Government will be coming forward at 5 p.m., through the Minister for Finance, with a comprehensive statement about putting our banking system onto a proper footing because the NAMA operation has enabled us to deal with banks in a differentiated way. It has enabled us to bring forward the losses with which the banks have to deal. As a result, the recapitalisation programme can go ahead, based on the assessment of the independent Financial Regulator.

I asked the Taoiseach two questions and he did not answer either of them. The Minister for Finance said yesterday that today, Tuesday, is the moment for the State to take decisive action to sort out the banking sector once and for all. We have been led to believe, as has the nation, and as is reflected in the activity in Bank of Ireland and AIB shares, that the question of recapitalisation and the exposure of taxpayers' commitment, was to be answered today. I understand from the briefing that this is not now the case. This is another example of having bottled it again in front of the banks. I am aware that their plans are before Europe.

In respect of my second question, the Government proposes putting €8.3 billion of taxpayers' commitment into Anglo Irish Bank today. Will the Taoiseach confirm that this is the extent of what will happen this year? I am led to believe that the Taoiseach may have to come back with a further injection of €10 billion for Anglo Irish Bank. Is this the Government's information and intention? If that is the case, this dead bank on its own will cost the taxpayer €40 billion, as a result of recapitalisation, the €21 billion from NAMA, €8.3 billion today and a further €10 billion. The Taoiseach is strangling the next generation and tying the hands of future Governments. He is imposing a levy of €27,000 on every family. This is because of the debts run up by Mr. Seán FitzPatrick and his management group in Anglo Irish Bank. Is it true that the Government intends to put in €8.3 billion today, to be followed by a further €10 billion some time later during the year? The Taoiseach committed to writing whatever cheque was necessary and this is becoming only too true, except that he has transferred the debt from Anglo Irish Bank on to the backs of the taxpayers. What is the extent of the commitment to Anglo Irish Bank at the taxpayers' expense?

The Deputy is well aware that the Minister for Finance will come to the House at 5 p.m. to divulge those details to the House. The Deputy obtained a briefing for that purpose. The Deputy refuses to say that the Fine Gael policy on Anglo Irish Bank would cost——

I asked about the Taoiseach's policy.

——more than €65 billion in funding which will have to be repaid immediately to depositors and other providers of funding at the ECB. The policies we are proceeding with are the policies necessary to make the banking system fit for purpose. That is what we have set out to do and that is what we will do.

It is twice the bail-out of Anglo alone.

It is €40 billion.

What Deputy Kenny seeks to put forward would expose the taxpayer to a far greater degree of indebtedness than what he suggests.