It would be unwise to disregard market sentiment in a situation where a sovereign state reneges on its obligations or perceived obligations. The potential implications for the State's ability to re-enter the markets and the cost of borrowing for State bodies such as the ESB and Bord Gáis are considerable. The Minister is, nonetheless, eager to have the promissory notes examined to see if they can be re-engineered in a better way for the State. Since the Government has taken office, we have consistently and persistently sought to restructure the promissory notes in a manner which would be of benefit to the taxpayer. We have now agreed with our troika partners that a joint paper will be prepared on the structure of the promissory notes and covering alternatives structures, payment periods and interest rates. Aligned with this technical review, the Minister has engaged at a political level and will at every available opportunity press home the need to reduce the overall cost of resolving the IBRC for the people. That is why he was in Frankfurt today to meet Mario Draghi, president of the ECB. As the former Taoiseach Mr. John Bruton has rightly said, by giving the bank guarantee the Government prevented a wider European banking crisis. It is in the interests of all concerned that Ireland successfully exits the support programme, returns to the markets and has the opportunity and resources to grow. With goodwill, a pragmatic solution can be found. The Government will pursue this issue.

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