Terence Flanagan (Dublin North East, Fine Gael)
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Question 59: To ask the Minister for Finance his views on the bailout agreement with the troika; his further views on his attempts to renegotiate our debt burden; if he expects cuts over the next four years in moneys owing; and if he will make a statement on the matter. [33891/11]

Michael Noonan (Limerick City, Fine Gael)
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The EU-IMF Programme of Financial Support provides the funding we need for essential public services. The Government has repeatedly stated its commitment to the Programme targets. Meeting these conditions on time and on target, is the best way to ensure that we emerge successfully from this programme. That will mean that we can return safely to the financial markets for funding in as timely a manner as possible. This is one of the principal objectives of the programme. The Government's commitment to the Programme does not stop us from seeking and agreeing changes to aspects of the programme. We have already done this successfully. The Government will continue to do so at the appropriate time. In this context I am pleased to note the successful outcome of 4th quarterly review mission in October, and look forward to the successful completion of the overall review process. The Government will continue to explore ways to reduce our debt with colleagues in Europe as the State had been expected to bear a disproportionate amount to protect the European banking system. We have already had significant success in this regard. The reduction in the cost of our EU and IMF funds, which is now in place, will reduce the cost of programme funds by over €10 billion over the initially envisaged 7.5 year average maturity. In addition the liability management exercise in relation to bank subordinated debt has saved a further €5.2 billion.

We are committed to pay what we owe, but we will also continue to look creatively at existing financing commitments and structures to reduce as far as possible the debt burden on the state by refinancing payment obligations at the lowest possible cost. Work, including with our EU partners, continues in this respect.