Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

What would be completely unacceptable would be to repeat what happened this year. The Minister for Finance, Deputy Noonan, came into this House without notice to announce a supposed breakthrough in regard to this year's repayment. All that actually happened was that a promissory note which could be restructured with little difficulty has been converted into normal sovereign debt. It took days before anyone was able to get past the Government's spin but it was and remains a bad deal.

At the same time, the Government proceeded with a programme of paying off unsecured and unguaranteed bonds without comment. The tough position adopted by the late Brian Lenihan in regard to these bonds was abandoned in return for nothing at all.

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