Michael Noonan (Limerick City, Fine Gael)

Most of what the Deputy said is not correct. Our position, in reply to questions such as this, has always been to set out various hypotheses. The hypothesis I set out last week was that if the EU-IMF deal was withdrawn by the European authorities and the IMF, we would need to make an adjustment, which at present will take more than five years, all in one year. That is where the €18 billion came up. That needs to be remembered by people who advocate very robust action. If one is risk adverse, one would not take the kind of risk that would have one back in the House introducing a budget that took €18 billion out in one fell swoop, which is a reasonable position.

As I have said on several occasions, in my view my predecessor in office, the late Brian Lenihan, was an honest and honourable person. When he said he was given to understand what I read into the record last week, I believe him. That was the position as was stated then at approximately the start of the programme. No threat has been made to me in all the meetings I have had in Brussels either by European colleagues or by officials of the bank, the IMF or the Commission. They have all been very supportive. Everybody in this House realises how dependent we are on external aid. The Deputy will know that the money is released to us every three months on the basis of fulfilling conditions in the memorandum of understanding, which runs right down to minor conditions that need to be fulfilled.

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