Brian Lenihan Jnr (Dublin West, Fianna Fail)

With regard to guaranteed liabilities, clearly the sovereign does not intend to renege on anything the sovereign has undertaken, and that has not been raised as an issue at any stage since last Tuesday in these discussions. It is very important that this is understood.

On the question of senior debt generally - and some senior debt is off the guarantee - Commissioner Rehn's opinion was to the effect that there would be no hair-cuts of such debt. Again, that issue has not arisen in the discussions, which however, are at a very preliminary stage.

With regard to the meetings, since Deputy Burton made a charge about my attendance at the meetings on Tuesday, the position that day was that there was very serious fog in Brussels and my flight was delayed.

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