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

There are advantages both ways. I do not see big downsides. I do not see downside risk on either approach but I see advantages both ways. Having consulted with the principals of the troika and a number of European colleagues, we are reflecting and I am reflecting in particular on what way I will advise the Government. The factors relate to what is in Ireland's best interest. There is a window now where things are calm internationally - calm in Europe and Ireland. The interest rate reduction announced last week by the ECB obviously reflects back into interest rates in general. Consequently, we seem to be in rather a benign window. If we had a precautionary programme, we would face this decision again next year. I cannot predict what things will be like next December.