Brian Lenihan Jnr (Dublin West, Fianna Fail)

It is important to bear in mind that the NTMA advised me we should not hold auctions in October and November, and I agreed with that advice. It was open to us to hold these auctions. We were not shut out of the market; we decided not to make an offer to the market. Clearly, as my reply pointed out, we intend to return to the market early next year and the NTMA will of course advise me about the appropriate circumstances and the different initiatives that may be required on its part to ensure that there is participation in any such issue.

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