Brian Hayes (Dublin South West, Fine Gael)

Who knows what will happen over the next three to six months? We know a new restructuring package will be on the agenda after 2013. The Government has already started burden sharing between €5 billion and €6 billion in subordinated debt. Last Thursday the Minister for Finance announced that an application to this effect had been made in the courts. We have started the process in respect of junior bondholders, which is exactly what we committed to do in our manifesto. The Government wanted to do more on senior bonds but that is not the majority view in the ECB.