I thank the Taoiseach for the compliment he paid me earlier.

Of course.

Although I would have preferred if it were not in the context of being used as a battering ram to hit Deputy Martin. I wish the Taoiseach had remembered the comment when he appointed Deputy Martin's nominee to the PAC last week.

He was appointed by the committee.

I congratulate the Taoiseach and his Minister for Finance——

And Deputy McGuinness.

——for what the Minister for Finance did last Thursday when he announced that he would burn the Anglo Irish Bank and Irish Nationwide bondholders. It is the first time since the Government came to power that it has put the interests of the taxpayer in front of the bondholders and the banks and this should be applauded. Having said that, I wish to ask about the follow through. It appears there has been a deafening response from Europe. Will the Taoiseach confirm, as it appears, the ECB was not informed about this in advance? It is important to know and it would be a welcome departure and re-emphasis of Government policy in that we are moving to stand up to the ECB, to stand up to Sarkozy and to have our own independent policy on the bondholders and Europe.

Our European policy and the policy with regard to the ECB up to now has been singularly unsuccessful. However, if the Minister, the Taoiseach and the Government are taking the attitude, as the Taoiseach stated here last week or the week before, that it must take note of the attitudes of the peripheral countries, then it should be welcomed. Is this part of a new departure or is it something old? What will happen if the ECB says "no"? Will we unilaterally burn the bondholders?

I held some brief discussion with Deputy Ross about the Committee of Public Accounts. He is an experienced Deputy and I am sure he will do very well on that committee in the investigations they carry out.

I forgive the Taoiseach.

I am sure he will do well out of that. There has been no change, rather a consistency from the Government in respect of Anglo Irish Bank, Irish Nationwide Building Society, INBS, and the bondholders. The Minister for Finance clarified that he will raise the matter of the different circumstances of senior bondholders in Anglo Irish Bank with the ECB in autumn. Those in the ECB were not aware of the Minister's comment.

Good.

They were not forewarned of his comment because his comment was consistent with what has been the position of Government: the bondholders in Anglo Irish Bank are in different circumstances to those in Allied Irish Banks and Bank of Ireland. Those in the ECB made it clear on the day of the publication of the stress tests of the Irish banks that, irrespective of a potential downgrading by the ratings agencies, they would continue to guarantee liquidity into the Irish banking system. In the context of where Ireland finds itself at the moment this is a demonstration that the bailout facility can work and that where a country is capable of making the changes, challenging though these may be for its people and economy, it can head in the right direction toward being in charge of its economic affairs again. From this perspective the Minister, Deputy Noonan, has pointed out the consistent Government view of the different circumstances that apply to senior bondholders in Anglo Irish Bank.