Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

The Minister is familiar with the country note prepared by the International Monetary Fund, IMF, clearly indicating that our debt to GDP ratio position will not be sustainable unless we get a very significant resolution, particularly on the investment in the pillar banks. It indicated that the ratio would continue to rise and one of the modelling exercises related to a return to the State of €24 billion. Unless we get something in that order, the model predicts we would find it difficult to have a sustainable debt position.

What is the Minister's expectation in that regard? I have seen some modelling done by a number of economists and the IMF indicating that the impact would be relatively minor on our overall debt position because of an elongation of the repayment associated with the promissory note. The significant positive impact on our debt position would be a return to the State of something in the order of €24 billion to €25 billion, which was invested in the pillar banks. The Government seems to take some solace from the fact that has been identified, particularly by Chancellor Merkel, as us being a special case as a result.

Does the Minister expect to have a further discussion on this? I accept the Minister discussed the matter during the week with Mr. Schäuble, who reiterated this special case position. Does the Minister expect to have discussions as part of ECOFIN about our special case? What is the Minister's expectation? Does he expect a position of investment in the order of €24 billion or is it more likely to be the ESM purchasing shares in the pillar banks at market value?