Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

I have two questions, with the first relating to the promissory note and the second relating to mortgage arrears. Fianna Fáil, and Deputy Michael McGrath in particular, may have paid the Minister a compliment in acknowledging that the budget does not include repayments on the promissory note for last year and perhaps this year. Will the Minister indicate if in a worst case scenario we will be looking at a €3.5 billion adjustment, the promissory note payment for last year - which was deferred - would have to be paid this year? If the interest had to be paid again in March would we be looking at a worst case scenario of over €9 billion in adjustments?

I have been advocating on behalf of what I call "Generation Jinxed", or people like myself in negative equity. I am aware of Department plans to ultimately sell its shareholding in Bank of Ireland and AIB. When the Government is in a position to sort out the cost of funds, which is the key problem within the banks currently, I would like to hear how it will be done. Will those shareholdings be sold with the cash flow earnings of those heavily indebted mortgages, which also have long timeframes? Ultimately, the level of debt over a long duration will give huge profits to the people who buy the banks in their currently impaired state. They will be a lucrative asset when the position starts to come right.

I propose that there should be a moratorium on any profit making for the banks that should be stitched into any contract before the sale. That would alleviate some weight from the generation of people in negative equity. Is that being considered by the Department before the sale?