Tánaiste Eamon Gilmore has said if legislation is required to impose losses on senior bondholders, it would be discussed by the Government after talks with the European Central Bank are complete.

Mr Gilmore said the Government's position was that the burden on the taxpayer for the losses incurred by the banks must be minimised.

He was responding to Sinn Féin's Mary Lou McDonald who asked if the burden sharing would extend beyond Anglo Irish Bank and Irish Nationwide.

She said she hoped that yesterday's announcement represented a realisation that senior bondholders have to be dealt with rather than being 'a stunt' to mark the Government's first 100 days in office.

The European Commission has said it has not received any proposal from the Government on imposing losses on unsecured senior bondholders in Anglo Irish Bank or Irish Nationawide.

A spokesman for the EU Economics and Monetary Affairs Commissioner Olli Rehn said the Commission was 'always ready to consider any proposal in the context of completing the restructuring of the Irish banking system.'

He declined to comment on whether the timing of Mr Noonan's announcement may have triggered a negative market reaction.

Separately, noting the Government's first 100 days, Éamon Ó Cuív asked the Tánaiste if he had noticed that, 'whatever about it being Frankfurt's way, it was certainly Fine Gael's way in the government'.

Mr Gilmore said that unlike the 14 years that Fianna Fáil served in office, the first 100 days of the Government were spent in the chamber and not on holidays.

He said the administration had done much to reverse the damage done by the previous administration in that short timeframe.