Pearse Doherty (Donegal South West, Sinn Fein)

I appreciate what the Minister has said so far. The quote comes from the Heads of State in the euro area, but I do not understand why it is included in this legislation. In dealing with legislation we know how important a word is, but this does not give us scope to have loans from the EFSF for less than 15 years. Under the EFSF, we have been able to avail of loans for less than 7.5 years because that is the average term. However, the wording does not even refer to an average but to a minimum period of 15 years and up to a maximum of 30. Are there any consequences for having this wording in the legislation, given that the Minister's understanding is that we will have flexibility? Obviously, the extension of maturities is something we would welcome, as we would having that flexibility, something I have claimed from day one. I am just concerned that the reference is to a minimum period of 15 years and whether we would want this, or prefer a ten-year maturity, will no longer be an option for the State to consider.

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