Thursday, 5 July 2012

Questions (63)

Bernard J. Durkan

Question:

56 Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he can quantify the benefits for this country of recent discussions at EU level in respect of banking and economic strategy; and if he will make a statement on the matter. [32867/12]

View answer

Written answers (Question to Minister for Finance)

The Deputy will be aware that I have always stated that our problems are part of a wider European dilemma and any solution to address the Irish situation must be as part of an overall Eurozone/global solution. The recent shift in European policy in terms of breaking the vicious circle between the banks and the sovereign is to be welcomed and represents a major step forward. While the details structures and arrangements have yet to be finalised the policy statement provides a basis for a Eurozone solution to what is essentially a Eurozone problem. Issues around the structuring and treatment of capital provided to the banks will be addressed in this context. The Irish Government has been working extremely hard to secure a deal on the Irish bank debt and further detailed work will be stepped up to ensure that the positive moves in Europe are harnessed to maximize the benefit to the Irish taxpayer. This will be one of our key priorities between now and the end of year with the initial formal steps, at a European level, taking place at the Euro group meeting on 9th July.

However, the Deputy will appreciate that while the policy position is very positive indeed, it would not be possible at this stage of the process to attempt to quantify the benefits which will accrue to the economy and the Ireland generally.

Questions Nos. 57 and 58 answered with Question No. 40.
Question No. 59 answered with Question No. 17.