Michael McGrath (Cork South Central, Fianna Fail)

I agree with the Minister about the requirement for prudence and that we should plan on the basis of returning to the markets late next year, but we must prepare for a worse scenario. The Minister anticipates that we have enough funding to carry us into the second half of 2013 based on prudent assumptions but we will not allow the State to run towards the bottom of the cash buffers. In such circumstances, funding will be required earlier, in all likelihood in the first half of 2013. Assuming there is no market access - we hope there will be - and basing our figures on prudent assumptions, does the Minister agree that Ireland will need an alternative source of funding in the first half of 2013?

See this speech in context