Michael McGrath (Cork South Central, Fianna Fail)

If I interpret the Minister's response correctly, the objective is to identify another financial instrument through which we can refinance the sum involved and repay it over a longer period at a cheap interest rate. This appears to be the essence of his reply. I assume, therefore, that the mandate given to the officials who are engaging with the troika is not to seek a write-down of the amount involved or defer the repayment until the economy is in a better position but to restructure it in the manner the Minister outlined. Is that the essence of the Government's position?

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