Conor Lenihan (Dublin South West, Fianna Fail)

I do not disagree with the Senator's notion of lowering taxes further but clearly at present we have severe Exchequer difficulties so it would not be realistic in the short to medium term to progress on a path of further reduction of corporation or other taxes. Most regular economists would be sceptical about the idea, although I understand the red in tooth and claw capitalism that lies behind the assertion and I have no objection to it.

The burning of the bondholders is a subject where Senator Ross and Joe Higgins are as one. We must distinguish, however, between bond market operators in London and elsewhere because London is sui generis.