Michael Noonan (Limerick City, Fine Gael)

-----when he goes home.

On the policy position, Senator MacSharry outlined that write-downs should be an acceptable part of resolving the banks' problems. We do not agree that write-downs should be part of the policy in the Irish banks and it is not accepted in Europe either. An exception was made in Greece with the PSI and the communiqué that accompanied the secondary bailout made it clear that this was an exceptional case and that there would not be write-downs elsewhere in Europe. That is the policy as laid down and we operate within it. There have been write-downs in other countries, all across South America and in Argentina in the past decade, in 2006 and in 2008. Inflation there is running at 24% at present and it has nationalised some foreign industry. I do not consider it to be in great shape but it is not for me to prescribe for other countries. Write-downs are not a policy option for the Irish Government.

I know the people Senator Hayden spoke about, those who have a home, their mortgage is too high, they move back to live with one of their parents, they rent their home and then they are not treated in the same way as owner-occupiers. It is quite difficult. I had a look at that in the context of the last budget and I will have a look at it again. It is not a huge issue in terms of the numbers involved. There are a number of people involved but it is an exception rather than the rule. I will look at it again.