Darragh O'Brien (Fianna Fail)

That is a complete sea change from the current Government parties' position prior to the election and since. We were told by the Tánaiste that it would be "Labour's way or Frankfurt's way", and it is clearly Frankfurt's way at the moment. There has been no progress on the issue.

The worry is that we have been told that on the basis of the second Greek bailout agreement, any rate cut will relate to money not yet drawn down. When did the Government agree that the second Greek bailout has any influence on any Irish deal or the existing deal put in place between Ireland, the EU and the IMF? The Minister, Deputy Noonan, has stated that any rate reduction will probably net the Exchequer approximately €140 million, which is a major change from the €440 million per annum that the Government stated it had agreed already with the EU, the IMF and the Troika.

What is the current position and has the Government given up on getting a rate reduction on the full amount rather than moneys not drawn down? Is the Leader aware that the EU is actively seeking that Ireland draw the money down faster than is required? The reason is that the moneys will be paid back on the existing rate of 5.8% rather than a reduced rate. This clearly shows that one of the main points raised by the current Government parties prior to the election - that they would get a deal on a rate reduction - has ended in failure. It is only because this matter was raised in the Dáil yesterday that the Minister has now told the truth about it.