Michael Noonan (Limerick City, Fine Gael)

There will be no lack of ambition as we proceed. As I said, a lot of bottom-up solutions were being introduced on an instalment basis but they were all behind the curve and the market did not believe in it. There is change now and an overarching policy has been put in place, so we will now fill in in accordance with the overarching policy. A lot of the detail will have to be worked out, not only in respect of Ireland but also in respect of Spain and of Cyprus, which has also applied for a programme. It is the banks that are also dragging Cyprus down as a result of the kick-on effects from Greece. It is like a very detailed line drawing which we have to colour in. It will take a while before we can do that and I do not want to jump any fences before the fences in front of us. I believe the Deputy knows my negotiating position. I was clear about it at the finance committee and it has not changed. We will not lack ambition.

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