Michael Noonan (Limerick City, Fine Gael)
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Yes. The figure the Deputy is seeking is €380 million. Deputy Pearse Doherty is right that the phrase "with the approval of the Minister" was included in the original draft. Like many matters where Europe and the European Central Bank are involved, we were obliged - after we published the Bill - to have consultations with the latter. It was quite convincing in its argument that to allow that phrase in would contravene Article 123 of the Lisbon treaty and that it would be deemed to be monetary financing if there was a ministerial discretion over the repayment of the money. That is why it was changed. We were legally constrained to change. However, the Deputy was right that our opening position was to put in a discretionary clause.