Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

There is no doubt that the arrangement into by the previous Government in respect of bank debt has put an enormous burden on the people. Every household is affected by it and the Government is not making light of that. It is a huge burden. The Deputy stated that it is 121% of GDP. Of that amount 40% is the transfer of bank debt onto the sovereign. If we did not have to carry the burden of bank debt on the sovereign then the debt GDP ratio would be somewhere over 80% and would be one of the lowest in the European Union. The average debt of the euro group is about 94% and we would be well under if we did not have to carry the burden. The purpose behind the two pieces of negotiations is that we envisage a reduction in the burden on the Irish taxpayer thus making it more sustainable. In blunt language, to reduce the imposition of the servicing of the debt on the taxpayer is the purpose behind the two pieces of negotiations but I cannot predict the outcome. The Taoiseach has explained the policy position in great detail and the lines that we are pursuing to secure a better deal for Ireland. We are trying to untangle a previous complex arrangement that was entered into. We would all agree that the original agreement on bank debt, in particular, imposed a very heavy burden on the taxpayer.