Michael Noonan (Limerick City, Fine Gael)

It is known that a bad deal was done. On the question of the ECB taking a hard line, I agree it takes an extremely hard line. The Deputy should recall what happened in Greece during the biggest write-off in history, which was comprised entirely of private sector involvement as not a single euro of European Central Bank debt was written off. It refused to get involved in writing off any official debt, even though it was holding a large quantity of Greek bonds. The ECB is very hardline and they are hard people with whom to negotiate. The Government secured an arrangement on this occasion which the ECB did not oppose. However, as for the project on which the Government has now embarked, it undoubtedly will be tough.

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