Pearse Doherty (Donegal South West, Sinn Fein)

Schedule 1 is where we get to the nitty-gritty. We are opposing the Bill and this Schedule. I will not delay the House, but I have a number of points to make.

The text on page 10 of the Bill, from lines 11 to 25, deals with the extension of maturities of EFSF loans. It states: "We have decided to lengthen the maturity of future EFSF loans to Greece to the maximum extent possible from the current 7.5 years to a minimum of 15 years and up to 30 years with a grace period of 10 years", and, "The EFSF lending rates and maturities we agreed upon for Greece will be applied also for Portugal and Ireland". Can the Minister explain this to me? I know we have discussed it before, but I am just not clear on it. My reading of the Bill is that it has been agreed to extend the maturity of future loans for Greece to a minimum of 15 years and up to 30 years, and that the same must be applied to Portugal and Ireland. Can we avail of 7.5 year average loans, or is it the case that any future borrowing from the EFSF must be for a minimum of 15 years and up to 30 years? The Minister has mentioned that there is a debate on whether the NTMA will consider extending the maturities of the bonds. I could be wrong, but my reading of the legislation is that this will not be possible for us any longer, that it will be for a minimum of 15 years. Perhaps the Minister might explain this to the House and refer to the grace period of ten years.

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