Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The discussions taking place at the ECB are about the source of the funding, the duration of the notes, the interest rates applicable, the implications for a wider bank debt deal and the implications and options arising from it in respect of the financial system. In respect of the deal done by the previous Administration on the promissory notes, the unified message which we have been sending clearly to Europe and in respect of which there has been powerful support from the Commission, the Council, the European Parliament and the IMF is that: first, it is unfair; second, it needs to be restructured and re-engineered; third, it would ease our debt burden in respect of the requirement to fork out €3.1 billion each March for ten years; fourth, it would strengthen market intent and reflect better on Ireland as a place that is open for business and a most suitable location for further investment; and fifth, it would help to ease our exit from the programme. We have been upfront about that and these five points are messages that anyone in the Oireachtas who would wish to support the measures could convey.

The detail of this is very complex and technical. Deputy Martin has referred on several occasions here following meetings of the European Council that it could be restructured quite easily. I assure Deputy Martin that if that were the case it would have been done long ago.

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