Michael Noonan (Limerick City, Fine Gael)

There is an issue about excise on tobacco, which has nothing to do with health concerns, which is that we have a big problem with smuggled tobacco and the higher the excise, the greater the smuggling. We have the highest excise on tobacco products in Europe at present. There is a direct relationship between the level of excise and the black market sales of smuggled tobacco.

A number of people asked about the promissory note, burden sharing and so on. If people wish to quote me, I would prefer if they quoted me accurately and in context. Throughout my period as Fine Gael spokesman on finance in Opposition and during the general election campaign, I always said that I was in favour of burden sharing with subordinated bondholders and unguaranteed senior bondholders, but only if we had the agreement of the European Central Bank. I always said we would not act unilaterally.

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