The significant measures already announced in relation to the public finances, in addition to those to be adopted over the coming weeks, signal our determination to make this difficult adjustment. Against this general background, the pressures on the Irish financial system have intensified significantly. Irish banks continue to face very difficult conditions. Their share prices have declined dramatically over the past year.
Managing and providing advice on debt and reserves also require taking a long view. Generally speaking, the management of financial assets and liabilities requires a forwardlooking risk-management framework, as well as long-term strategies. And of course it's essential to be completely transparent when it comes to managing government funds and public money.