Brian Lenihan Jnr (Dublin West, Fianna Fail)

First, substantial sums have been already received by the State on foot of the guarantee. Second, the best market advice I can obtain is that the major difficulty with increasing the spreads lies with apprehensions about Ireland's economic position and our anticipated economic performance given the substantial declines in growth rates that are anticipated and the fear in markets that the Government will not control the public finances. Happily, the Government is determined to control the finances as the Government is determined to secure the stability of the banking system. The steps we have taken in recent weeks regarding the public service pensions levy will assure markets that the Government is determined to address the imbalances in the public finances.

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