Pearse Doherty (Donegal South West, Sinn Fein)

The Minister is pushing it to the limit. In two years time, the tap will be turned off. We will have to return to the markets before that happens. The Minister for Transport, Tourism and Sport, Deputy Varadkar, is probably correct that we are possibly heading in the direction of a second bail out. I have consistently said this on the floor of this House. I have also asked the Minister for Finance, Deputy Noonan, what is plan B? What is the appropriate rate on ten year bonds that we would have to achieve to enable us return to the markets to obtain the amount of money required to run this State in 2013? The Minister is well aware that this morning the rate on ten year Irish bonds was 10.7%. When the Minister took office it was approximately 9.3%. The rate continues to rise for external and domestic reasons.

What rate would we have to achieve on ten year bonds to enable us re-enter the market, which if not achieved will result in our being technically shut out and requiring bail out number two, which I believe is on the cards?

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