David Cullinane (Sinn Fein)

Of course, we could borrow. However, it makes perfect sense that one would try to grow the economy, which in turn would grow revenue. Growing the economy, revenue and finance is the easiest way to heal the difference between what one takes in and what one spends. That is why we have called for a jobs strategy and a growth strategy that would underpin a different deficit reduction strategy as well.

We have also called on bondholders to take a haircut. We do not make any apologies for that. I know the Minister of State's party made such a call before the election, perhaps not to the same extent, but certainly as regards junior bondholders, we made commitments.