Professor Patrick Honohan:

First, done and dusted is an over-interpretation of my statement, about which I would urge the Deputy to be careful. I must also be careful what I say here. The design definitely would be very advantageous to Ireland.

It definitely would be very advantageous to Ireland. While it will not change the debt on day one, it would allow a slower and better path to the debt going forward. Any transaction that involves a lengthening of maturities could end up adding lots more years of interest but if the interest rates are sufficiently low, then that is also advantageous. One should not worry on that score. I acknowledge that last year’s arrangement was not of great advantage, although it was slightly advantageous to Ireland, but that was because it was part of a wider solution.