Enda Kenny (Mayo, Fine Gael)

It is already on the agenda. The Government is in court over this because we have taken a decision that there should be burden sharing with subordinated bondholders. I discussed the question of other burden sharing with Mr. Trichet and, as we have two pillar banks in AIB and Bank of Ireland, the Government decided not to have burden sharing with senior bondholders there. The ECB recognised Ireland's position and confirmed that, irrespective of downgrading or not, funding would continue to be made available. I pointed out at all the meetings I have had that Ireland was pursuing burden sharing with subordinated bondholders and there is considerable scope for further savings in that regard. As the Deputy knows, two court cases were taken, one of which has been withdrawn and I cannot give the Deputy confirmation on the second one as I am speaking here. The position in so far as Ireland is concerned is that we want to get on with meeting the conditions the country has signed up to in the IMF-EU bailout deal.

The Deputy referred to the decision of the Tánaiste and Minister for Foreign Affairs to call together all of the ambassadors and diplomats from abroad, together with trade personnel, for what was a very successful occasion. Far from the Deputy's interpretation of it, the message was very clear, namely, this country is open for business, it continues to be an attractive location for foreign direct investment, it continues to have a serious potential in terms of further exports and it will not be changing its 12.5% corporate tax rate. That clear and positive message has gone out around the world.

In respect of all of those who work for this country abroad, often in difficult circumstances, we appreciate the efforts they make and we appreciate the continuous commitment they show, beyond normal working hours, on a daily basis in giving evidence to other countries about Ireland's true position. We have been through adversity before and this is an economic challenge that we will get through. From that point of view, I differ entirely from the Deputy's interpretation of the outcome of the meeting at which she was not present.

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