Enda Kenny (Mayo, Fine Gael)

As the Deputy is aware, the ECB comprises the governors of the central banks of the eurozone countries. We have discussed the ECB's position on burden sharing with Mr. Trichet and with politicians and finance ministers from all of those countries. We have now arrived at a position where subordinated bondholders are contributing. As I said earlier, a case before the courts at the moment will determine whether the Minister for Finance can continue to do that. Our bailout agreement is with the ECB, the IMF and the EU. The European Commission and the IMF favour the position Ireland has adopted. We are locked into a position, but we are negotiating a reduction in the interest rate and continued improvements in the deal. I do not deal in assertions, frankly. I do not know the truth or otherwise of the allegation Professor Kelly has made. I will raise it with Mr. Geithner the next time I see him. The last time I met him, I was not aware of the assertion in the article in question. We will continue to focus on our priority, which is securing an improvement in the deal and an acceptance of the principle of an interest rate reduction.

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