Tom Shehan (Fine Gael)

I welcome the Minister of State and extend best wishes to him in his efforts. As he outlined, the delicate position in the eurozone and a lack of growth are creating an obstacle for Ireland as an exporting nation. While Irish exports are doing well, the eurozone crisis needs to be addressed in order that we can explore the potential to open up new markets.

The Minister provided figures on the sums Ireland must pay into the European Stability Mechanism. I understand Ireland's total paid-in capital will be €1.27 billion to be paid in five equal instalments of €254 million, although Senator Norris referred to a figure in excess of €11 billion. This strikes me as similar to how Anglo Irish Bank conducted its business in that we will borrow money to make these payments.