Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I ask that the Government release the full details of the deal as soon as possible. Some of the information just given by the Tánaiste forms part of the crucial details. The schedule of disposal of the bonds by the Central Bank into the markets is at the core of the value of this deal. We need that information as quickly as possible.

My point in relation to the June summit - I am fully aware of the negotiations with respect to the ESM, the pillar banks and so on - was that if that agreement was to be implemented in its truest form, this would mean the cost of bailing out former Anglo Irish Bank and Irish Nationwide would be dealt with retrospectively under the new regime. It is accepted that is not now going to happen.

On the €1 billion saving on the budgetary side, which was confirmed earlier by the Taoiseach, how does the Government propose to utilise it? Will it use it as a cushion or as headroom in its budget numbers to achieve the 3% target as set out or will it, in discussions with the troika, point out that the Irish people have taken enormous pain in recent years and that it wants to use that money to reduce the severity of future budgets, in particular a reduction of well below €3 billion in budget 2014? That is the key question.

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