I propose to take Questions Nos. 256 and 257 together.
In the recent Lisbon Treaty referendum the Irish people reaffirmed our place at the heart of Europe. The Treaty sets out the conditions necessary for participation in the euro area, and therefore Ireland's membership of the Eurozone is not in question.
Furthermore, our membership of the European Union and the Eurozone in particular has played a vital role in our response to the current financial crisis. Thanks to the protection of being in a large monetary union, Ireland's currency has not been vulnerable to investor sentiment, as was the case in the early 1990s. Irish financial institutions have also been able to access the European Central Bank's substantial liquidity facilities. The benefits arising from membership of the Eurozone are; lower transaction costs, elimination of exchange rate risk with other euro area countries, as well as lower interest rates and increased price transparency and competition. The importance of these benefits are illustrated by the desire of many of those countries still outside the euro area to join.