Brian Lenihan Jnr (Dublin West, Fianna Fail)

There is nothing unusual about NAMA bonds. In the case of the phrase to which the Deputy referred, I am not sure whether Dr. Aherne borrowed language from me or vice versa. NAMA bonds can be presented like any other bonds at the ECB. No difficulty has ever presented in that regard.

The broader question raised by Deputy Burton which needs to be addressed is the question of whether NAMA bonds will in some way affect our status as sovereign. As is clear from all international reports, views of rating agencies and commentary about the Irish economy and the Irish sovereign, the greatest obstacle to putting ourselves beyond any risk as a sovereign is the uncertainty surrounding bank debt and bank exposure. That is why it is of fundamental importance that we resolve in the coming months the issues relating to NAMA and the capitalisation of the banks.

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