Michael Noonan (Limerick City, Fine Gael)

It fully concurs with my opinion. However, the NTMA is not reflecting my opinion. It is independent and it is charged with funding the requirements of the State. It is the NTMA's considered opinion that a "No" vote will, in all likelihood, make it not possible for Ireland to re-enter the bond markets at sustainable rates. What the Deputy said in his initial remarks is also true. When it comes to the back end of 2013 - in my opinion and in the opinion of the NTMA - there will be two choices. We can choose either to get money from the ESM or get money from the markets. These are interrelated and the fact of having access to the ESM will make it more likely that we will be able to access money on the markets. It will also be more likely that we will be able to get it at a lower rate of interest, because we will have an alternative source through the ESM fund.

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