Brian Lenihan Jnr (Dublin West, Fianna Fail)

Deputy Bruton raised the matter of negotiation. Of course it is open to any financial institution to negotiate. I was not suggesting anything different. We must be careful with regard to how we use the word "negotiation". When Lehman Brothers collapsed, bondholders were invited to take part in negotiations. It is possible for senior bondholders to enter into discussions or negotiations with financial institutions in order to ascertain whether they wish to restructure their debt. However, I am anxious to avoid any suggestion that the Government and I are proposing that there can be coercion in respect of the holders of such instruments.

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