Enda Kenny (Mayo, Fine Gael)

It was not Europe which downgraded the United States. The markets have their own way of making their impact, obviously with devastating consequences in some cases. I remind Deputy Higgins that the amount of unguaranteed residual bonds in Anglo Irish Bank is €3.46 billion, comprising €2.86 billion from Anglo Irish Bank and €600 million from Irish Nationwide. A voluntary burning of these bondholders might, depending on the price offered in any LME, liability management exercise,and taken up by the bondholders, raise approximately €100 million. As I pointed out, the savings that might be achieved in dealing with the extent of the promissory note would be of a far greater proportion than this and would not destroy the rising credibility and enhanced reputation that Ireland has achieved with our European colleagues and internationally in the past six months.

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