It is time to be brave and do what we believe is right

THE banking system needs to be stabilised. The instability embedded in its dependence, first on wholesale markets to support unsustainable and unproductive investments, and in recent times on the European Central Bank, needs closure.

Restructuring, recapitalisation and reform (including mergers) are necessary. A growing economy can accommodate the prospect of a rebuilding of at least two or three of the major financial institutions. The optimum use of recapitalisation resources would involve restructuring.

Merging AIB and Bank of Ireland will involve competition issues and also the closure of a significant number of branches and well in excess of 10,000 jobs, including domestically based high quality ITC jobs.