Michael Noonan (Limerick City, Fine Gael)

The Irish bond rate is a little academic when the State or banks are not in the market. This is as much a reflection of what is happening in other European countries as in Ireland. The rate quoted by the Deputy is more a reflection of what happened in Portugal and what is not happening in Greece. I will give the Deputy my most honest answer. It will be worth our going back into the markets, even for €1 billion or €2 billion, if the bond yield falls below the rate being charged on the bail out package. The NTMA intends to put its toe in the market in the third quarter of 2012. We are 15 months away from that yet.

The markets predicted the last 30 recessions. They were correct on six occasions. The bond and stock markets are a little like sheep in that they all move in the same direction. The sheep-like behaviour has been accentuated with the movement of trading onto computers which, when a particular margin is reached, give a buy or sell instruction. I would use other evidence as well as the price being quoted on the bond market, in which we are not currently involved. I hope the Deputy is not right. The longer one is a Member of the Dáil the more influential one becomes and the more one's credibility increases. Deputies McGrath and Doherty have credibility. In regard to a second bail out, if credible people keep saying it, it becomes a self fulfilling prophecy. What one says will be carried internationally.

The best approach is to put out the facts and to then let the commentators, external markets and bankers judge them. I do not believe there is much point in trying to talk up or talk down the situation. We should put out all the relevant facts and then let people make up their minds. When Ireland puts out all the relevant facts it is in way better position than is Greece or Portugal. There is no comparison in terms of how our economy is structured. The Deputies should remember that we are running balance of payments surpluses this year.

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