Brian Lenihan Jnr (Dublin West, Fianna Fail)

I was not made aware of the fact. I am not made aware of the routine operations of such organisations. There was a very large amount of redemption of guaranteed bonds in all the institutions coming up to the guarantee date. There was nothing unusual in that. The effect of the guarantee was that institutions were able to raise finance on the markets with the benefit of a sovereign guarantee and those instruments generally were expressed to lapse as and from the lapse of the guarantee itself. These instruments were no different in character. The suggestion that I would have a special awareness of it or issue a special sanction or a special approval in regard to this matter is entirely inaccurate and not in accordance with the facts. I am glad the Deputy has given me an opportunity to put that on the record.

In regard to the views of particular journalists on the question of whether Ireland needs a bailout, the whole purpose of what we are engaged in is to ensure that we do not need one. The position is that the National Treasury Management Agency was in a position to raise funds in October and November but the interest rates in the secondary markets were very high. On ten year money at the last bond auction, they went to 6.4%.

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