Stephen Donnelly (Wicklow, Independent) | Oireachtas source

I seek clarification that what this Bill will do is to transfer the €28 billion of debt the State owes to two dead banks in such a way that the State will now owe the same €28 billion of debt to the European Central Bank. It sounds as though the potential structure of a new deal is imminent. It sounded as though the Taoiseach was suggesting this will be discussed by the European Central Bank tomorrow when it receives the proposals. I understand it is not possible to give a precise time as to when such a deal might be reached but can the Minister indicate to the House what is the envisaged timeframe? Is it by tomorrow or within a few days, weeks or months? Will an agreed structure to a new deal be evident within a few days?

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