Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Deputy does not understand my position and never has because he does not listen carefully to what I say. The reason we are committed to the promissory note arrangement is it is a legal agreement entered into by the previous Government. Throughout the election campaign, the drafting of the programme for Government and up to now I have always committed to the objective of a restructuring of the promissory note and its replacement with something that would not be as burdensome on the Irish taxpayer. I said I would only act in consort and with the agreement of the European Central Bank. I will not put Ireland in a position of default because that is not in the national interest.

We are proceeding with the strategy I have outlined on several occasions. We will see how it plays out. The Deputy should not shout failure until he has seen the result, following which he can judge me.

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