Brian Cowen (Laois-Offaly, Fianna Fail)

No. As the Government, including the Minister for Finance, pointed out on the occasion, the arrangement in question is a technical reclassification which changes on a once-off basis the deficit figure for this year. It has been factored in by the bond market and market analysts, as confirmed by the continuing support that exists for the Irish economy. That a private offer was successful at the beginning of this week in regard to recapitalisation issues in Bank of Ireland is an indication of a vote of confidence in the Irish economy.

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