Michael Noonan (Limerick City, Fine Gael)

I am giving the Deputy the most prudent assessment of what we are facing in terms of what must be repaid and what is available to us. I could give him a more benign estimate of the figures and say we could carry through to the end of 2013, but I want to be prudent and tell him the worst case scenario. There is no question of the sovereign side requiring additional funding in 2011 or 2012. The funding will carry us into the second half of 2013. This is based on a prudent assessment of the figures. As the Deputy knows, there are variables that could be inputted two and a half years hence.

It is also worth repeating for the benefit of those who are interested in and like debating these issues that the recapitalisation of the banks is a one-off sum that must be paid against the rigorous stress tests. It is not a recurring sum whereas looking after the deficit is. As we make fiscal adjustments, the latter will decline. When we factor in all of these elements, we are not in a difficult fiscal position. The programme was intended to run a certain distance and to provide us with funds for recapitalising the banks and dealing with the day-to-day costs of running the country until the economy was restored to a growth path. As the Deputy knows, that is under way.

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