Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

We all understand the difficulty in setting up the SSM and the timeframe. If it is the second half of next year, which it will at least be, that poses an issue because that is when the real discussions will take place in terms of trying to recoup the money we injected into the pillar banks. Does the Minister agree that, at that stage, this State needs to be, if not fully, then very close to being back in the bond markets? Although that is a good position to be in, it poses a difficulty in terms of trying to get money back.

The National Pensions Reserve Fund holds the shares in these pillar banks and there is a value on them at this time. Any payment by the ESM would, therefore, be into the National Pensions Reserve Fund in exchange for the shares it holds in both pillar banks. What would be the intention of the Government when we get this money, whether it is €14 billion, €18 billion or €24 billion? Whatever the figure is, it will be transferred to the National Pensions Reserve Fund, I would guess, in exchange for the shares. Are we going to then raid the National Pensions Reserve Fund or is it simply the case that we would replenish the fund? Has the Minister any idea what he intends to do if the negotiations are successful?

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