Micheál Martin (Cork South Central, Fianna Fail)

On subordinated debt about which the Taoiseach made play this morning, the bottom line is that is made possible by legislation brought in by the outgoing Minister for Finance, Deputy Brian Lenihan, that the Taoiseach trenchantly opposed at the time, but matters have changed and the Taoiseach is implementing that. The issue is the senior debt. In terms of the Taoiseach's meeting with President Obama, irrespective of what United States Secretary of the Treasury, Mr. Geithner, may have said, there is a fundamental issue about ascertaining the attitude of the US Administration towards restructuring senior debt or burning senior bank bondholders. It is incredible that the Taoiseach did not raise that issue with the US President and seek his perspective on it, given the significant influence of the US Administration on global economic affairs. In terms of the canvas for the appointment of the new senior official in the IMF, we understand the influence of the United States on the outcome of the competition for that post. It is extraordinary and incredible that on what the Taoiseach identified during and after the election, and when he came into Government, as the most serious issue, that is, restructuring debt and dealing with senior bank bondholders, he clearly has abandoned any commitment to getting that sorted-----

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