Michael Noonan (Limerick City, Fine Gael)

An interest rate reduction is the subject matter of subsequent questions and I do want to take the ground from other Deputies by answering supplementary questions on the matter from Deputy McGrath. My response to it will come in due course.

The changes made in the review were substantial. On criticising the programme, I have always said the greatest problem in that regard was the manner in which the outgoing Government had turned bank debt into sovereign debt. In that context, the major change we have made which has huge cost consequences involves a restructuring of the banks which I announced at the end of March or early in April.

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