Enda Kenny (Mayo, Fine Gael)

-----will understand growth figures depend on a range of issues. Even Deputy Ross with his long-range spectrum is unable to determine what the growth figures for any individual country might be in the future.

The Government has not looked for any write-off and is not looking for a write-off. We have paid our way and will pay our way. The Minister has been very careful and clear to point out we are now involved in a process of discussion with the ECB and our colleagues in Europe to get greater flexibility with regard to the promissory notes which will cost €3 billion per year for each of the next ten years. This would be of enormous benefit to our economy and our taxpayers. This process is now in train and is enhanced by the proposal from the troika itself that the Ministers here should prepare a paper. When this paper is presented it will have the status of a troika paper. In the meantime the Irish Government and officials from the Department of Finance will engage in technical discussions on what it entails in so far as our colleagues are concerned.

There is no question of seeking a write down. There is a question of discussion and negotiation about the facility and the greater flexibility that could be shown to us in getting the EFSF and the ESM facilities applied to the extent of borrowing for a bank re-capitalisation before the country entered into the bailout. This is the position and the discussion is now under way.

It is not down for decision on Monday or at the next Council meeting, but it is one in which we are involved with our colleagues. If we could bring it to a conclusion, it would be of great benefit to the taxpayer, the economy and the country.

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