Brian Cowen (Laois-Offaly, Fianna Fail)

First, when we are talking about recapitalising the banks, as we are with two of these banks, and also financing an orderly wind-down of two others which have failed, that is clearly a case of the taxpayer being the ultimate payer of these payments. That is the truth. Our national debt will increase as a result of it. I am simply explaining the method by which it is a manageable issue for us in cash flow terms into the future. It is not correct to say that it requires a €4 billion repayment every year for the next ten years. It is about the fact that we will increase our debt, pay the interest on that debt and do it using a promissory note method which, over time, will have that impact so that by the end of the period we will be talking about a repayment of the €1.72 billion. Those are the figures brought forward by the Department of Finance. In the meantime, there is an incremental build-up of interest over that time. I say that for the purpose of clarification because it has been suggested that the taxpayer is being hit for €4 billion next year every year for the next ten years. I saw that in a statement recently.

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