Enda Kenny (Mayo, Fine Gael)

-----by the Minister for Finance. In response to discussions both with Commissioner Rehn and Mr. Trichet, the question of writing down debt in respect of senior bondholders in Anglo Irish Bank is something that when it was mentioned in the case of Greece had an automatic spill-over in respect of the Italian economy and the situation arising there. The Minister rightly pointed out that he would reflect on the discussion but that a far greater opportunity for this country exists if we can do something about the promissory note. Perhaps Deputy Martin might like to explain to me why no interest rate was applied on it for two years, which is only going to apply as a blended rate of over 8% from 2013. Why did he not tell that to the people in the beginning?

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