Micheál Martin (Cork South Central, Fianna Fail)
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Question 115: To ask the Minister for Finance if he intends to publish the joint Troika paper on the way to deal with bank recapitalisation; and if he will make a statement on the matter. [16238/12]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware the Troika paper is still being worked on. When I receive the paper I will be in a position to assess the appropriateness or otherwise of publishing the paper. While I am generally well disposed to an openness of approach it may be that the contents, because of commercial sensitivity or otherwise may not be appropriately published. However, as indicated, once I have had the opportunity to review and assess the paper I will be in a position decide on publication.

Micheál Martin (Cork South Central, Fianna Fail)
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Question 116: To ask the Minister for Finance if approval from the EU heads of Government is necessary in the event of there being restructuring of the bank recapitalisation inclusive of the promissory note; and if he will make a statement on the matter. [16214/12]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware the Promissory Note arrangement is essentially an arrangement between the Government and IBRC. The Government has provided Promissory Notes to IBRC and undertaken to repay the principal and interest payments in accordance with a repayment schedule. However, the Promissory Note is accepted as collateral for the Exceptional Liquidity Assistance (ELA) by the Central Bank of Ireland and as such there is an implicit link between the current repayment schedule on the Promissory Note and ELA provided by the Central Bank. Any discussions in relation to ELA would of necessity have to include the ECB. The EU Commission and the EU heads of Government are one step further removed from the initial arrangement between the Government and IBRC. However given our approach to addressing the heavy debt burden, involving the Troika in developing a technical solution or range of solutions and given that possible alternative sources of long-term funding may involve a number of parties, it is not unreasonable to assume that a solution may require the approval or acquiescence of Member States. However, it is important to await the outcome of the technical review to properly assess what is required to get an appropriate solution in place. In the meantime the Government will avail of every opportunity to garner support for the work in hand and for a positive outcome for the country.