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

Obviously, there are various options. The first point raised by the Deputy with which I would like to deal is that €31 billion of taxpayers' money was burned or fried in Anglo Irish Bank. That is not true as Anglo Irish Bank was refinanced through the promissory note, which basically is an IOU. Consequently, money was not put in. What had happened was that the IOU incurred ongoing liabilities for the taxpayer and the Deputy will recall that just after the change of Government, the liability was €3.1 billion every March, stretching out into the middle distance. That was the liability.