Pearse Doherty (Donegal South West, Sinn Fein)

It is disappointing to hear a Government member say again that the focus is on the interest rate and the maturity, because this will result, in the long term, in the same amount of money being transferred to Anglo Irish Bank from the State. I am sure the Minister is well aware of the papers that Professor Whelan, in particular, presented at the Joint Committee on Finance, Public Expenditure and Reform. Does he accept that a reduction in the interest rate on the promissory note - that is, the interest rate we are paying to Anglo Irish Bank - is irrelevant in the long term, although it is relevant in the short term in terms of our Government debt levels and our general Government deficit?

See this speech in context