Brian Cowen (Laois-Offaly, Fianna Fail)

As I said to the Deputy, I have always levelled with the Irish people and have always defended their interests. Some people would have liked to have had Ireland apply for this facility, with no prospect whatever of Ireland being able to put its case. Ireland has a case to put with regard to all of these matters.

Second, there is the question of market risks. Of course we are working with others to see how we can ameliorate market risks, but we are also in the business of trying to ensure that what emerges for Ireland and the euro area will be about bringing the type of stability that is supposed to be the objective of the policy in the first place. We have done everything we were required to do in best practice, and we have done everything transparently and above board. The market's sentiment or position is not normal at present. It does not look to the underlying strengths of economies or to the fact that we expect to have a net debt to GDP ratio of 83% this year when one takes account of the National Pensions Reserve Fund.

There are a range of issues here, including whether, if the market wishes to act completely irrationally, one is supposed to be enslaved to that and allow it to determine the matter. What we are trying to do-----

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