Michael Noonan (Limerick City, Fine Gael)
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No, I think I am entitled to finish the point.

I was very conscious that there was a risk of getting out of the bailout programme without a precautionary programme.

Getting out of the bailout meant getting money on the markets at reasonable interest rates. That is what the issue was and I was advised by a lot of people but I decided, on the balance of advantage, that it was better to get out of the precautionary programme. I was conscious that the ECB in particular, the European Commission and the rating agencies who would decide whether we would have access to the markets, were constantly referencing the contingent liability of NAMA bonds on the State balance sheet, because we had guaranteed them. As a result of that, from a policy point of view I was interested to see if the NAMA bonds could be redeemed at a faster rate. The only thing that could redeem them was the sale of assets to provide the cash to NAMA to redeem the bonds. That was my policy perspective but I did not direct them, I asked for their advice. The advice I was seeking was whether the market would take it and whether we would still get best value for the taxpayer. That was the area I was-----