Joan Burton (Dublin West, Labour)

Why did the Minister not tell the Dáil and stop that speculation? In fact, the speculation he allowed to run on, tactically, enabled the markets to take a worse view of Ireland than was justified.

I would like to ask the Minister about his tactics and those of the various organisations under the remit of his Department. I ask him now, because time has elapsed, how was the redemption of those bondholders funded because I understand they were not rolled over under the ELG and were repaid in full? What was the rate of interest of that redemption? Was it current market rates which at that point I believe would have been approximately 6.25%? Is this along with the further €6 billion that the Minister proposes to issue in promissory notes by the end of the year which on today's rates would be at 7.25%?

Does the Minister have any strategy to rebuild confidence in our country which is not, and will not become, a banana republic if the Labour Party goes into Government?

See this speech in context