Mary Lou McDonald (Dublin Central, Sinn Fein)

We all accept that the decision to recognise the necessity to break the vicious cycle between banks and the sovereign is long overdue and very welcome. I have a couple of questions on the turn of events which the Taoiseach described as "seismic". Who wrote the reference to this State? The view articulated in this reference is that there will be a review. There is also an inference that while the level of debt is sustainable, sustainability needs to be improved, and it is asserted that the programme of adjustment is performing well, which will be news to people who are struggling under the agenda of cutbacks. I find some of the language worrying and would like to know who wrote the reference and what collaborative process was involved.

What does the decision to unhitch the burden of bank debt from the sovereign and people mean in respect of the promissory note and Anglo Irish Bank and Irish Nationwide? The Minister for Finance has made clear it will not mean anything in respect of the next budget. Much has been said about the stimulus package, investment in jobs and so forth. The new money in the package amounts to only €10 billion. With 25 million people unemployed across the European Union, €10 billion by any stretch is not seismic or earth-shattering.

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