Brian Lenihan Jnr (Dublin West, Fianna Fail)

I am entitled to reply to questions in this House. With regard to Deputy Finian McGrath's question, Article 9 of the Lisbon treaty commits the Union to a number of worthy objectives. However, none of these worthy objectives can be secured unless the basic financial system of the economy of a member state is on a sustainable basis. The Deputy referred to taking €15 billion out of the economy over the next few years. Of course, he is anticipating that others outside the country will lend us all the money in order to keep that money in the economy, which is a very far-fetched assumption and one that is not and cannot be entertained in our current position.

Deputy O'Donnell raised the question of the current very high rates in secondary market. I accept they are very high but it is a very thin market where Ireland is concerned at present. The developments in Portugal and Greece have been negative and there has been a corresponding deterioration in Ireland's position as a result.

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