Enda Kenny (Mayo, Fine Gael)

-----with no interest to be paid until 2013 when the blended rate will be at more than 8%. The extent of moneys that might be saved by the State, while quite substantial at approximately €100 million in the case of Anglo Irish Bank and INBS, is much smaller than what could be achieved through the agenda now being pursued by the Minister for Finance, which is to deal with an extension of time and maturity in respect of the promissory note which was signed off by the previous Government. The savings there could be far more substantial than risking the enhanced reputation the country has achieved in the past six months internally in Europe and externally in the wider world from economic, business and political perspectives. It is a balance of looking at the risk to what we have achieved in the past six months and where we want to go. We want to be able to return to the bond markets ourselves and borrow at appropriate rates and be in charge of our economic future, which is the intention of the Government in implementing our programme.

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