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

I seek clarification on one point. When the Minister spoke about the amount of money he would like to get back, he referred to the recapitalisation that took palce in March 2011 that followed the prudential capital assessment review. I assume all of the money put in, even before March 2011, is in the pot and on the table for negotiation through the ESM. Perhaps the Minister might clarify this. I would also like to ask a question about the basis for valuation. If we take it that the banks are worth €8 billion or €9 billion now - the IMF has spoken about potentially getting €20 billion back - is the Minister's hope and the Government's objective essentially that the ESM will pay more than they are worth at market rates? If not, it might not be in our best interests to sell to the ESM.

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