Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister for his reply. The purpose of the question is to establish the Government's objective in seeking to revisit the issue of bank recapitalisation costs. It is clear from the reply that the focus is on the €30.6 billion promissory note structure for the former Anglo Irish Bank and Irish Nationwide Building Society. As many commentators have pointed out and the Minister will, I am sure, agree, the core issue is not the coupon rate that is being paid. I am seeking to establish what objective the Government seeks to achieve through the technical papers, apart from the general aim of trying to ease the burden on the taxpayer, with which we all agree. Is the Government seeking a write-off or write-down of the capital amounts owing? Is it proposing a repayment holiday until the economy is in a much stronger position or a refinancing of the €30 billion sum over a much longer period at a cheap interest rate? Has it identified its preferred options? While I accept the Minister will not provide a great deal of detail, will he indicate what is the core Government objective apart from easing the burden on taxpayers?

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