Shane Ross (Dublin South, Independent)

-----for what the Minister for Finance did last Thursday when he announced that he would burn the Anglo Irish Bank and Irish Nationwide bondholders. It is the first time since the Government came to power that it has put the interests of the taxpayer in front of the bondholders and the banks and this should be applauded. Having said that, I wish to ask about the follow through. It appears there has been a deafening response from Europe. Will the Taoiseach confirm, as it appears, the ECB was not informed about this in advance? It is important to know and it would be a welcome departure and re-emphasis of Government policy in that we are moving to stand up to the ECB, to stand up to Sarkozy and to have our own independent policy on the bondholders and Europe.

Our European policy and the policy with regard to the ECB up to now has been singularly unsuccessful. However, if the Minister, the Taoiseach and the Government are taking the attitude, as the Taoiseach stated here last week or the week before, that it must take note of the attitudes of the peripheral countries, then it should be welcomed. Is this part of a new departure or is it something old? What will happen if the ECB says "no"? Will we unilaterally burn the bondholders?

See this speech in context