I welcome today's meeting between the Minister for Finance and the head of the ECB. It is always gratifying to know that sometimes the Taoiseach listens to Sinn Féin. Although we have been waiting too long, unfortunately, for this meeting to have taken place, if the Taoiseach wishes to continue to take good advice, I suggest that what Deputy Noonan tells the head of the ECB is crucial. He should tell him that this State cannot afford the promissory note put in place by Fianna Fáil, no more than we can afford to pay the €1.25 billion which the Taoiseach will pay tomorrow to unguaranteed, unsecured bondholders. This amount is more than all the additional taxes that his Government inflicted on citizens. It is more than the household charge, the increase in VAT and the increases in motor taxation. We punish our people and tomorrow we give €1.25 billion to these unguaranteed, anonymous, unsecured bondholders. It is also remarkable to recollect that before the election, the Labour Party's slogans referred to Labour's way or Frankfurt's way. The Minister has now done a complete U-turn given that he told us that not another red cent will be paid to these persons.

Pioc suas an fón, seas suas agus labhair le Alan Dukes agus abair leis nach mbeidh tú ag tabhairt an airgid seo don banc seo. I ask the Taoiseach to stand up for Ireland's interest, to pick up the phone and tell Mike Aynsley or Alan Dukes that, sin é, this is it, and he will not pay them this money.

Bí cinnte faoi seo, a Theachta: seasfaidh mé suas ar son mhuintir na hÉireann, ar son an Rialtais agus ar son na tíre sna cainteanna a bheidh agam leis na cinnirí eile. Ná bíodh aon fhaitíos ar an Teachta faoi sin. The Deputy is a great man to take the words and use them for his own benefit. What we said before the election was that we would not commit one cent more than what was already committed in respect of this. That is what was said but the Deputy chooses to leave that aside.

It was not cents but billions of euro.

Deputy Adams also speaks about telling Mr. Dukes, Mr. Aynsley, Mr. Draghi and everybody else to get lost. I recall the Deputy saying that when he would get into the Dáil, he would tell the troika to go home and to take their money with them. I would like to hear from Deputy Adams and his party how they propose to deal with the situation whereby the European Central Bank has given €110 billion to our covered banks to provide services ranging from ATM machines to public pay scales and the running of our economy. Where does the Deputy intend to get this, since his party has robbed ten times over the National Pension Reserve Fund and drained the European Investment Bank of all its potential investment funds?

We would have to print money.

This is fantasy politics and the Deputy cannot have it both ways all the time. There is €2.6 billion left in unsecured private debts of the €97 billion in liabilities that were guaranteed by the previous Government in September 2008. The Deputy can sound off in here but we have a country that finds itself in difficult circumstances. Believe me, I have no intention of defaulting on Ireland's position and ending up with difficulties similar to those currently being experienced by the citizens of Greece, where 100,000 public servants have been let go, pay rates have been decimated and services are under serious pressure. Is that the kind of Ireland that the ceannaire of the Sinn Féin Party stands for? I do not believe so. The Deputy should speak about reality and a little bit of truth while leaving his hypocrisy outside the door in saying he will tell the troika to go home and take its money with it. The Deputy should explain how he expects the services of Ireland to be provided in the absence of that kind of money.

The great merit of this tradition is that I get to ask the questions and the Taoiseach provides the answers.

The Deputy has no answers.

As they used to say to me in Castlerea, there is a hard way and an easy way, and the Taoiseach keeps picking the hard way. This is not Ireland's debt, and we should be clear about that. This is not in the memorandum of understanding or the agreement. We raised the issue with representatives from the troika last week and the IMF representative stated publicly that it is not opposed to imposing losses on bondholders. This is the rub; the Taoiseach is bringing savage austerity policies on the backs of already suffering citizens, and at the same time he is giving away tomorrow. That will not be the action of Fianna Fáil, the last Government, Bertie or Brian. It will be the action of this Taoiseach, who will sign over €1.25 billion of the people's money to these unguaranteed and unsecured bondholders. Who are they? Tell us who they are. He should stand up and tell us to whom he is giving the people's money. Who are the unguaranteed gamblers? Give us their names.

I want Deputy Adams to understand that it is not to my liking to have to stand up here and say there is no alternative but to pay what a solemn Irish Government committed itself to, with the consequent impact on reputation and status. The Deputy seems to have a very different view of the kind of catastrophic consequences if a default occurs. I have pointed out what has happened in Greece and I am quite sure that even with his warped version of the development of the European Union, which his party opposed at every turn in the road-----

We were right every time.

-----he does not want to see that happen to the citizens of this country.

Ourselves alone.

I have no intention of letting that happen. Despite the economic circumstances in which we find ourselves, the reputation and status of this country has increased with regard to the confidence of investors abroad, the perception of this country abroad and commentary from international financial analysts, business people and politicians.

And the bondholders.

This country is making headway, although it is not easy. I would much prefer to stand up and say we are in a position not to pay this. There is a difference between "will not" and "cannot". This country is making its way through a very difficult period. What was committed to by a very solemn Irish Government must now be followed through. The emphasis for the Government is now in the meetings today with the Minister for Finance and Mr. Draghi to deal with the promissory note and the extent of the €30 billion over ten years that must be paid. It is in that area that the real benefits for this country can come.

The Deputy should be aware that in the discussions last week with the Ministers for Public Expenditure and Reform and Finance, the troika, including the European Central Bank, the European Commission and the IMF, proposed that a paper dealing with the financial difficulties Ireland faces would be prepared and presented on behalf of the troika. Does the Deputy believe that it is in this country's interest, and that of every citizen, to have the backing of the status of a proposal from the troika in regard to this matter?

Who are the bondholders?

It is for that reason that the Minister, Deputy Noonan, is in Frankfurt today, speaking with the Commissioner Mr. Rehn and Mr. Draghi. It is for that reason that whereas this will not be decided on Monday, or by March, it is very important to make our colleagues in Europe aware of the significant burden that this country has had to face because of the borrowing which was used before the facilities of the European Financial Stability Facility and the European Stability Mechanism came into being. Even in his private party rooms, the Deputy is probably hoping that progress is made in that regard because it would be good for our citizens all over the country. That issue will be emphasised. We will not have "defaulter" written on our foreheads. We will pay our way. We have never looked for a debt write-down, although we want an extension of flexibility from these facilities to help our taxpayers and in dealing with our deficit, and to help repay our debts in a more realistic fashion. It is in that regard that intensive discussions are now taking place.

The bar is too low.