Brian Lenihan Jnr (Dublin West, Fianna Fail)

I am not aware of who advised that this country was a banana republic. I agree with Deputy Burton that it is not one. However, I am concerned she raised a question which seems to be based on a story that appeared in a newspaper this morning. I am in correspondence with that newspaper. Obviously, I would not have been aware of the repayment of the bonds because they were a commercial matter between the bank in question and the holders of the debt. As I understand the position, they were guaranteed instruments and, therefore, the scope for negotiation, to which Deputy Burton referred, was not open.

As I said, I am in correspondence with the newspaper in question and I would prefer to leave the matter at that other than to correct the Deputy. She was not as inaccurate as the article but she implied in her question that, in some way, these bonds were ones which were capable of having discussions with the institution in question. They were, in fact, guaranteed bonds. She also implied that I had an awareness in regard to these matters. As I understand the matter, they were redeemed in the ordinary course of business.

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