Joan Burton (Dublin West, Labour)

Yes, it could be the Galway tent bank. What shall we call it?

I also want to ask the Minister as well about recent court cases in relation to Anglo, featuring a senior executive of the bank who is in the newspapers this week, indebted for up to €50 million, perhaps, they suggest. The bank was still advancing loans to that particular individual and to developments he was involved in, several months after the bank guarantee was introduced.

In terms of dealing with the bondholders, this is the type of default mechanism that many people are talking about. In this regard the Minister has to take his courage in his hands. All the references he made in his speech to not seeking any sacrifice from the bondholders add up to a very serious mistake. He wants to introduce a fiscal stability law with fixed fiscal targets. We have taken legal advice because of course this came up before the finance committee. I understand that such a fiscal stability law as envisaged in this programme is not achievable without a constitutional referendum. I do not see any chance of people in Ireland voting for a constitutional referendum on a fiscal stability law some time in the middle of next year, in the detailed programme.

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