Brian Lenihan Jnr (Dublin West, Fianna Fail)

I do not accept the Deputy's analysis of our current market difficulties in the context of the promissory note arrangement. It has been made clear to the markets that the promissory note arrangement is the accounting treatment of the problem. The cashflow implications of spreading the loss over an extended term have been fully explained and are understood in the markets. I do not accept her assumption that it is the sole cause of our difficulty in the markets. I am open to constructive suggestions not on the principle of the issue of the notes but on the structure of interest embodied in them.

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