I propose to take Questions Nos. 87 to 99, inclusive, together.
On November 26th 2012 a package of measures for Greece was agreed by euro zone finance ministers. This package is designed to help put the Greek economy on a path to sustainable growth and its domestic finances on a sound footing. This package was agreed in the context of the statement by Euro Area Heads of State or Government that the scale of the Greek problem is so large that it requires special attention.
One of the measures agreed in November, the Securities Market Programme (SMP) measure, will see Member States pass on, to Greece's segregated account, an amount equivalent to the income on the SMP portfolio accruing to their national central bank as from budget year 2013. Member States under a full financial assistance programme, such as Ireland, are not required to participate in this scheme for the period in which they receive financial assistance.
It is important to note that the concessions that have been agreed are specific to Greece and are accompanied by significant additional conditionality, and must be seen in the context of the very significant debt restructuring that has taken place in the Greek programme.
Ireland’s needs, as a country close to exiting a programme, are very different to those of Greece.
We have, during 2013, returned to the international debt markets. Taking account of our efforts and delivery on our commitments, our spreads have considerably reduced and the interest cost of our official financing has, through sustained effort by Ireland, been significantly reduced. We continue to work with the Troika and other Member States, but we do not see the SMP measure agreed for Greece as appropriate in our case.