Enda Kenny (Mayo, Fine Gael)

What is at stake here is what provides the greater benefit in the interest of Ireland and its people. Given the extent of what has already been paid in respect of Anglo Irish Bank - Deputy Ross made recommendations about people associated with it and their stellar performance - what is left means the greater benefit is in following the route of explaining to our European colleagues the very onerous burden on the Irish taxpayers with regard to the promissory notes. This conversation has started and has been enhanced by the troika itself making a proposal to the Minister for Finance, Deputy Noonan, and the Minister for Public Expenditure and Reform, Deputy Howlin, that they should prepare a paper. Yesterday's conclusion was that this is worth pursuing. The greater benefit to Ireland, our economy and our taxpayers is to be able to get greater flexibility with regard to the fiscal burden of the promissory notes.

Were we able with co-operation and consent to shift the burden into the facilities now available through the EFSF or the ESM it would greatly reduce our deficit and make it much more manageable to deal with our debt. This would also be in the interest of Europe in that it would see a country in a bailout programme having made and risen to very serious challenges coming out of the programme thereby proving that where people, government and Europe work together the economies of the European Union as a whole can grow.

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