A 400 billion euro (£317 billion) deal by the Irish Government to support the country's banking sector is expected to get the final go-ahead from the Dail parliament.

The Republic's prime minister, Taoiseach Brian Cowen, said the emergency legislation was vital to stabilise the country's banking system.

Finance minister Brian Lenihan denied that the two-year safeguard of deposits and borrowings in the six biggest banks was a "bail-out" and said taxpayers would be fully protected in the deal.

The government will be hoping financial shares regain strength in the Dublin stock market, which plummeted on Monday.

The Credit Institutions (Financial Support) Bill 2008 finally came before parliament after drafting difficulties caused several delays, much to the annoyance of opposition parties.

Opening the debate, Mr Lenihan claimed there was an 80 billion euro (£63 billion) "buffer" between the banks' total assets and their liabilities.

Minister Micheal Martin said the state guarantee was "not a free ride" for the six banks and added: "There is a price to be paid for the state guarantee, at commercial rates."

Fine Gael Assembly delegate (TD) Leo Varadkar said the Bill was the only means the government would get opposition support during the lifetime of the current Dail.

But he added: "The responsibility will fall on your heads if any banks fall or the taxpayer is left with significant liabilities."

Labour TD and former finance minister Ruairi Quinn claimed that banks covered by the state guarantee may try to poach deposits from institutions without cover.

Mr Cowen earlier urged TDs in the Dail to act in the national interest: "There are times when you can score political points. This is not a time for that now."

The draft legislation is expected to pass through its final stages in the Dail and Seanad before it is signed into law by the president.

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