Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister for his reply and I understand he feels somewhat constrained in putting further information into the public domain but there are certain things he can confirm. Can he confirm that the deal, which he outlined last night, is in effect a stepping stone towards an overall deal rather than a deal on a stand-alone basis, in other words, that he is trying to park the 2012 payment, pending a conclusion of the overall discussions on the redesign of the promissory note? He could at least confirm that much.

Following the governing council meeting today - I expect the Minister had hoped it would have signed off on this deal but it did not - is he still confident a deal can be finalised before the end of the month to avoid the repayment of the €3.06 billion during that timeframe? Can the Minister give us any sense of the shape of the overall deal he is trying to negotiate? Is it the case that he is seeking to re-finance the promissory note liability through the issuance of long-term Government bonds, which will yield some short-term cashflow benefits but will not reduce the overall level of debt burden, or has he put the question of reducing the outstanding level of debt on the table with the ECB and, if so, what has been the outcome?

The Minister can take this opportunity to update the House and inform the Irish people as to whether he is confident at this point that the payment due at the end of March of €3.06 billion can be avoided? Clearly, progress has been made and I welcome that. I hope the Minister can get it over the line because it would give us some essential breathing space to conclude a more comprehensive deal to reduce the burden of bank debt this country is currently carrying. I wish him well in that regard but he can take this opportunity to give us further details.

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