Brian Cowen (Laois-Offaly, Fianna Fail)

It will be a matter for Governments between now and the end of the programme to decide if they wish to take up the funding based on the terms and conditions that apply. That is the issue. One cannot predict too far into the future given the volatility of bond markets at the moment but one would hope at some stage that some degree of normality would return and we could go back into the markets at a time when rates will better than are now available from any source. These are issues that must be considered and dealt with in the appropriate way as we go forward, but on the basis of providing a security of funding for the country in order to find the time and space in which to deal with the reforms that must be implemented for the purpose of bringing financial stability and obtaining a way forward that will provide us with sustainable growth. There is no doubt that based on market conditions at present that this is the best option for the country. The forecasts that we have set out are based on the Department of Finance's proposals having listened to all and looked at all of the issues. We must proceed along those lines. There have been times when the forecasts from the Commission have proven to be correct or incorrect. It depends on market conditions and many other factors. We have seen very fast moving issues in the past 12 months which confounded all of the best forecasters.

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