Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister for his response. In the remaining week of the referendum campaign, the debate will come down to brass tacks. We know for sure that in the second half of next year Ireland will need to have identified with certainty how the country will be funded on exiting the EU-IMF programme. We know we will need €36 billion in 2014 and in 2015 to ensure this country is fully funded. Is it not the case that the funding options facing this country are either to borrow substantially on the markets or to have access to ESM funding? Currently, the rate being charged under the programme is approximately 3.5%, while the markets, when I checked at lunch time, are charging 7.35% on a nine-year government bond.

The Minister said something very significant at the outset of his response and I ask him to clarify that. He said the advice from the National Treasury Management Agency to him as Minister is that the rejection of the treaty will mean, in its professional opinion, that Ireland will not be in a position to return to borrowing markets next year at sustainable rates. Will the Minister clarify whether that is the advice the NTMA has given to him?

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