Brian Cowen (Laois-Offaly, Fianna Fail)

Sorry, but the Deputy has had four chances to talk about this. His policy appears to be that rather than the scenario in which the Government must provide this funding to Anglo Irish Bank - I note an immediate liquidation would cost twice the amount and would entail funding requirements of a further €70 billion - the Deputy suggests that more of that money should be put into infrastructural investment. The way he claims he could do this is that he would not be obliged to give €22 billion but would insist on some default to the senior bondholders, because the dated subordinated debt bondholders have taken a loss and will continue to so do.

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