Enda Kenny (Mayo, Fine Gael)

In return for that, the ECB made it perfectly clear that regardless of whether there is downgrading, it will continue to provide funding for Ireland. That was a very important statement about our economic strength in its own right. As the Deputy is aware, Anglo Irish Bank was not involved in the strenuous stress tests that were carried out initially. I have made clear that bondholders in Anglo Irish Bank are in a different category than those in what are the two pillar banks arising from the Government's decisiveness in dealing with a situation where there were six dysfunctional banks and no capacity to either lend or extend credit to small and medium enterprises for the creation of jobs and opportunities. From that point of view, I gave the US President a clear rundown on where Ireland is in terms of meeting our challenge and how we continue to renegotiate to have improvements and follow the principle agreed of a reduction in interest rates.

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