Michael Noonan (Limerick City, Fine Gael)

The Deputy is like other Opposition Deputies who always insist on half-quoting me. I never said it was Fine Gael policy in government to burn bondholders. I said it was Fine Gael policy in government to burden-share or burn bondholders provided we got the consent of the European Central Bank to do so. I campaigned on that basis right through opposition and through the general election campaign. I challenge the Deputy to find any occasion when I did not qualify my commitment on burden sharing with bondholders by saying we would not do it unilaterally, but would always do it with the consent of the European Central Bank.

See this speech in context