Pearse Doherty (Donegal South West, Sinn Fein)

The Minister asked for proposals. He will be aware that on 1 or 2 September I put a proposal to him on what should be done. As I knew he would not act on it, I subsequently put another proposal to refinance and deal with the capital costs through an extend and pretend arrangement. I accept the Minister is arguing the case for a version of this proposal. I will repeat a question I put to him during questions several months ago. Does he acknowledge that the interest rate is not the issue in respect of the coupon rate because the payments will stay in the State bank and be returned to the State when the bank is wound up? The real interest cost, which the Minister continues to deny, is the cost of borrowing €3.1 billion on 31 March each year and transferring it to Anglo Irish Bank. Given the Minister's statement that a resolution of this issue is unlikely to be found in the immediate future, should the State pay into Anglo Irish Bank the €3.1 billion that is due on 31 March or should the payment be suspended pending the outcome of the current discussions? Will the Minister publish the terms of reference of the troika technical group in respect of its deliberations?

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