Brian Cowen (Laois-Offaly, Fianna Fail)

Deputy Kenny has again misquoted the situation. Professor Honohan in his statement stated that the overall thrust and macro-economic policy and the pace and scale of budgetary adjustments appeared to him about right as a basis for building a sustained recovery. He also stated that interest rates on Government bonds are much lower than they were only a few months ago because of the degree to which foreign confidence is building in Ireland's ability and determination to restore the public finances and its clearly defined strategy as exemplified by the relatively tough measures already taken.

Deputy Kenny continually suggests that we are writing cheques of €54 billion in respect of NAMA operations. However, what we are doing is presenting Government bonds to the European Central Bank for the purposes of losses being taken primarily by the banks and those who own the loans, which is at great variance to how Deputy Kenny characterises the operation being brought forward.

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