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

Let me clarify the point and the Minister can answer it. The point I am making is very simple, namely, it was necessary to borrow taxpayers' money. The promissory note deal arose and there are major savings to the Irish taxpayer but over a long period of time, effectively the Central Bank bonds will be released onto the market and will be held by third parties. I am not taking from this but the point I am trying to make is that had the option existed much earlier with Anglo Irish Bank, it might have been more beneficial to the Irish taxpayer overall. I do not disagree with the Minister but simply am making the overall point that the time at which one liquidates something obviously is critical. The Minister made the point earlier that when one is looking at the cascade, there will be a point whereby the earlier one can liquidate, the better overall. I make the same point in respect of Anglo Irish Bank. Either way, the deal that was negotiated is a major saving to the Irish taxpayer and is a great deal but the point is that over time, in respect of the capital sum that had to be borrowed, it basically is taxpayers' money. Obviously, it will be refinanced and so on and has far less immediate impact on the taxpayer on an annual basis. Over time, however, one would prefer if Ireland was not obliged to borrow the money to put into Anglo Irish Bank.