The circumstances in Greece worsened last night and there is obviously a consequence for Ireland in terms of the cost of borrowing. Given the crisis in Greece and the flawed policy pursued by the Government in regard to Anglo Irish Bank, the Irish economy is more sensitive and vulnerable to international speculators than before.

Will the Taoiseach state how much money is owed by Greece to the Irish banks? Can he give a breakdown of how much is owed to each individual bank?

Without having been given notice, I would not have that sort of information. It would be a matter for the Minister for Finance to reply to the Deputy.

The position, as reported to me, is that Greek exposure to the Irish banks could be of the order of €7 billion. This means the fiscal targets set by the Government are even further out than we had imagined. An EU official commented last week that Ireland would either have to move its targets back or find more savings.

On the day of the budget, 9 December 2009, I asked the Taoiseach in the House whether the moneys being put into Anglo Irish Bank by the Government were to be regarded as spending. He said they were not and that they were an investment. EUROSTAT confirmed last week that the moneys do not represent an investment but are effectively money down the drain. It implied the transaction is to be regarded as spending by the Irish Government and must be included in its budgetary targets as a consequence.

Is the Taoiseach now prepared to correct the record of the Dáil of 9 December 2009, on which he stated the moneys represent an investment rather than expenditure? Will he confirm that, as a consequence of the EUROSTAT decision on the Government's recapitalisation programme for the banks, the Government will now have to change its fiscal parameters and targets? Will he confirm that the Government is still on target to achieve its fiscal targets? Will it have to find extra savings to meet those targets as a consequence of the EUROSTAT decision?

No. As the Government, including the Minister for Finance, pointed out on the occasion, the arrangement in question is a technical reclassification which changes on a once-off basis the deficit figure for this year. It has been factored in by the bond market and market analysts, as confirmed by the continuing support that exists for the Irish economy. That a private offer was successful at the beginning of this week in regard to recapitalisation issues in Bank of Ireland is an indication of a vote of confidence in the Irish economy.