Mr. Ray MacSharry:

No. I never feel constrained by the public interest, having been a public representative for the guts of 30 years. I have an idea of the problems in the arena and of the problems that have occurred in arrears in mortgages and in the financial world in the past five years. There are many suggestions as to how they might be resolved. This recession is going on longer. Things would have been much better if after three years we could see the bottom and a bit of a lift. It is not coming anywhere which makes it more difficult for everybody, governments, banks and the community at large.

In response to Deputy Mathews's comment about a write-off in Europe it is the same as debt forgiveness here. If they will not do that in Europe maybe we should ask another question, let us have a particular bond for €40 billion or €50 billion over the next 50 or 60 years and an interest that is viable for us. That is the best way to help this economy for the foreseeable future.