Seán Fleming (Laois-Offaly, Fianna Fail)

The Government gave the promissory note for approximately €31 billion to Anglo Irish Bank last March. The latter took the note to the Central Bank in exchange for cash, which it has used to put into its deposits in order to replace the funding which fled. I agree with the final part of the motion which states the Government is committed to paying €3.1 billion per annum for the next number of years to Anglo Irish Bank in order that it can repay the Central Bank for the loan it drew down on the basis of the promissory note issued. I acknowledge that Fianna Fáil supported in general the €3.8 billion in cuts announced in the budget. Ministers have commented that this issue is not related to the budget. However, Irish taxpayers must fund the payment of that €3.1 billion to Anglo Irish Bank on 31 March 2012 and will have to do likewise each year up to 2023, when the amount will drop to approximately €1 billion per annum, giving a total of €47 billion.

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