Joan Burton (Dublin West, Labour)

The Minister needs to tell us the structure and the template of these negotiations. We want to know what is and what is not on the negotiation table. The Labour Party believes it is not advisable for the Government to include the 12.5% corporation tax rate in the negotiations. Will we get a serious briefing from the Minister as to what is on the table? The people want only one thing from the Minister - to tell them the whole unvarnished truth and nothing but the truth. If we are to work our way out of this crisis, the Minister should forget the grandstanding of Fianna Fáil.

In his report on the banking crisis, Professor Honohan stated:

[While] an extensive guarantee needed to be put in place. …Nevertheless, the extent of the cover provided (including to outstanding long-term bonds) can – even without the benefit of hindsight – be criticised inasmuch as it complicated and narrowed the eventual resolution options for the failing institutions and increased the State's potential share of the losses.

Professor Honohan has it all there in four lines. A bank guarantee-----

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