John Paul Phelan (Carlow-Kilkenny, Fine Gael)

That was much later, in fairness. The Deputy is entitled to his views on the person in question.

Other issues were raised by other Members. Deputy Mac Lochlainn spoke about the Government's promises. He said that prior to the last election, there was solidarity among all parties other then those in government at the time. He said the current Government promised to renegotiate the IMF deal. Not only did we make such a promise, but we have secured the renegotiation of the IMF deal. As a result, the lowest paid workers in the economy have benefited from the restoration of the minimum wage to the level it was before it was cut by Fianna Fáil and the Green Party, in agreement with the IMF, before this year's general election. It was restored by this Government. We also managed to negotiate a significant reduction in the interest rates we will have to pay in the future. Patently, it is a lie to say in this Chamber that the Government has not renegotiated the deal. It might not be the type of renegotiation that Deputy Mac Lochlainn and others might have wished for, but it has happened nonetheless. There is room for further renegotiation in the future.

Deputy Mac Lochlainn made a blanket statement to the effect that Fine Gael and the Labour Party promised not to pay bank debt if they were elected. No such promise was made. In advance of the general election, members of my party said that extra taxpayers' money should not be invested in the bank formerly known as Anglo Irish Bank. We have not put any extra taxpayers' money into that bank since the election. Contrary to what Deputy Boyd Barrett said, the current Government has secured a reduction of almost €7 billion in payments to bondholders in Anglo Irish Bank. That has been done by means of agreed haircuts, to use that awful term, since Deputy Noonan became Minister for Finance. Contrary to the view that bondholders are being repaid in full, with agreement, I assure the House that Anglo Irish Bank bondholders have not been repaid in full by this Government.

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