Enda Kenny (Mayo, Fine Gael)

-----Deputy Higgins gives him credit for. Fair play to the Dubs for what they did. The Government committed to making this situation more tolerable for the Irish people and the Irish taxpayer. The discussions between the Government and its counterparts about how it can be made more tolerable, particularly at finance ministry level, have brought about final decisions in regard to a number of matters. Deputy Higgins is aware - he does not want to recognise it - that savings of approximately €9 billion will be made over the average period of seven and a half years that was originally envisaged for these loans. As the Deputy knows, that is the equivalent of approximately 5.7% of the current forecasted level of GDP for 2011. The saving comprises €4.9 billion on the EFSM funding, €3.5 billion on the EFSF funding and €0.57 billion on the UK bilateral loans. This is a significant saving. The Minister for Finance spoke directly to Mr. Trichet, the Commissioners and all his colleagues. They regard the decisions taken by Ireland, and the position to which Ireland is moving, as very significant in light of the difficulties being experienced by the eurozone countries. The real situation, which the Minister said he would reflect on, is that when burden-sharing of the kind mentioned by Deputy Higgins was referenced in the Greek case, contagion began to spread immediately to other countries. The Minister for Finance said he would reflect on his discussions with Mr. Trichet. He made it clear that another argument would be followed in respect of the promissory note. When the previous Government signed up to that note, it committed to pay some €30 billion over the next ten years, or €3 billion per year. It is obvious that if maturities and interest rates were to be applied in that context, further significant savings could be made by the Irish taxpayer and the Irish people. The Minister for Finance has said he will reflect on this following his discussions with Mr. Trichet and others. These are matters to be negotiated and agreed.

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