Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I welcome Professor Honohan. I will approach the promissory note from a slightly different angle. In his presentation to us, Professor Honohan said: "What we have designed is [..] largely in the interests of the euro system as a whole." Will he elaborate on that? Does Professor Honohan believe that what is being constructed here will be unique to Ireland?

What is the net cost of the current promissory note construct that was put in place back in 2010? The Central Bank receives interest on the ELA funding it provides to the IBRC. It obviously pays a certain rate to the ECB itself. It is a figure that is often overlooked, however, so can Professor Honohan indicate the net cost of the current setup, because the Central Bank pays an annual dividend back to the State?

In the context of the State's debt sustainability, what does Professor Honohan have in mind for the negotiations on the promissory note? What is needed to put us in a sustainable situation both for economic growth and employment, given that our debt-to-GDP ratio this year will be of the order of 120%?