Gerry Adams (Louth, Sinn Fein)

The Taoiseach says this is about terms and conditions and not about a write-down. In other words, he is going to pay the €3.1 billion; it is just a question of the period over which he pays it and the number of generations who will have to put up with it.

The Taoiseach said the negotiations are detailed and technical, as if we did not understand what the negotiations are like. Last night, the Minister for Finance, Deputy Noonan, stated the promissory note did not feature on the agenda at this week's Finance Ministers' meeting and will not feature at the next one. The elephant in the room is that Irish citizens are paying for the greed of Anglo Irish Bank, big bankers and developers. The Taoiseach keeps saying this is how it must be and that we never looked to a debt write-down. I did not get this but got it after having listened to the Taoiseach. He will not get a write-down because he is not looking for one. Tá an Taoiseach ar an slí mhícheart agus ar an taobh mícheart. Tá a fhios aige go bhfuil slite eile ann, ach tá sé ag glacadh rogha. Níl an t-airgead againn.

The Taoiseach also says we will not have the name "defaulter" written on our foreheads. The Taoiseach is defaulting; he is defaulting on his election commitments.

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