In relation to maturing bonds, the repayment of these bonds is an obligation of the bank and they will be repaid by it. It is important to be clear that it is the bank, not the Exchequer, which will meet this obligation. The Government has committed to ensuring there will be no forced or coerced burden sharing on Irish senior bank paper or Irish sovereign debt without the agreement of our external partners. This commitment has been agreed with our external partners and is the basis on which Ireland's future financing strategy is built. While the cost to the taxpayer has been and will remain significant, the Government clearly recognises the need to work as part of the eurozone in order to ensure a return to the funding markets in the future.

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