Shane Ross (Dublin South, Independent)

The deal on the promissory notes is not in the bag yet. Reports from Europe on RTE this morning suggest there still is opposition to this in the European Central Bank and that we should not take it for granted at this stage. It is also very unclear what the coupon is on the bond, what the interest rate will be on that bond, and it would be wrong to pass any judgment at this stage. It might be premature. It might be gone by this evening or we might get more details which would change our view on it. It is fair enough to hold fire on this particular deal until the actual content of it is known.

If this news is a prelude to something dramatic or some change, or indeed a write off of the debt in the longer term, then we on this side should tell the Government to keep going. However, if it is a puff of smoke, we will not be deceived by it. There are several alternative ways of looking at this. The sceptical view is that the Government is up against the 31 March deadline and must come up with something, and is sending Patrick Honohan in today with a deal to make it look as if we are actually doing something constructive. The other view is that there is real movement. The timing of this particular motion makes it impossible for us to pass judgment on it. This time tomorrow, it may be clearer when we get more detail, but at the moment it would be wrong to condemn it or welcome it without knowing any of the details, particularly the interest rate.

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