Michael Noonan (Limerick City, Fine Gael)

I explained it in detail to Deputy Doherty in so far as it is relevant to this legislation. There is a major advantage in doing things this way in respect of the bondholder, because if it was not done this way I would be here proposing that instead of trying to get something in excess of €700 million into the compensation fund we would be seeking €1 billion for the compensation fund, because the deal with the bondholders yielded €264 million which would have to be got through the compensation fund if we did not do it this way.

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