Joe Higgins
Question:7. Deputy Joe Higgins asked the Taoiseach when the last meeting of the Cabinet committee on European affairs was held and when the next one is scheduled. [35726/14]
View answerTuesday, 2 December 2014
Questions (7, 8, 9)
Gerry Adams
Question:8. Deputy Gerry Adams asked the Taoiseach when the last meeting of the Cabinet committee on European affairs took place. [39818/14]
View answer
Richard Boyd Barrett
Question:9. Deputy Richard Boyd Barrett asked the Taoiseach when the Cabinet committee on European affairs last met. [44908/14]
View answerOral answers (19 contributions)
I propose to take Questions Nos. 7 to 9, inclusive, together.
The most recent meeting of the Cabinet committee on European Union affairs was on Thursday, 6 November. The next meeting of the committee is scheduled for this month.
The Cabinet committee on European affairs meets regularly throughout the year to discuss and shape Ireland's strategic approach to our European Union engagement. The committee will continue to work to ensure a coherent approach across all policy areas, particularly in relation to priority issues for Ireland and, above all, to anchor Ireland's influence and interests in Brussels. This strategic approach at EU level will continue to include engagement at bilateral level with fellow member states and alliance-building with key partners.
I understand the Cabinet committee on European Union affairs deals with a range of issues and that the Minister for Finance is among its members, yet the huge issue of bank recapitalisation has seen little or no action by the Government. It seems to me that the Government wants the Irish people to forget about the prospect of retroactive recapitalisation of our banking debt. We were told a number of years ago - I know the Taoiseach dealt with this earlier - that we had a game changer and that there was a great victory, but now another European Council meeting has come and gone and its conclusions do not mention any moves towards retrospective recapitalisation for this State. That is costing every man, woman and child here €14,000 per annum. Could the Taoiseach outline the steps that have been taken? Could he tell us - it is not a State secret - when he intends to apply for retroactive recapitalisation and when that will apply, and can he inform the Dáil about his plans around this hugely important issue?
The answer to the Deputy's question is that it is a case of deciding on the options that are in the best interests of the Irish taxpayer. We could not apply for direct recapitalisation under the decision of June 2012 until we put all the steps in place, including the single supervisory mechanism, SSM, the banking union concept, and all those complicated issues.
That is all in place.
That is all done, so it is now open to the Government to apply for recapitalisation if it so decides. What should the Government decide? What the Government has to do, and what it should do, is to make a decision as to what is in the best interests of the Irish taxpayer. In other words, were we to apply for recapitalisation, let us say we would get X amount, whereas if we look at the question of the banks we have an interest in, that is-----
The Taoiseach is not answering the question.
I will answer the question if the Deputy lets me finish. We put €4 billion into the Bank of Ireland; we got back €6 billion. We still own 14% or 15% of that. We own 99% of AIB. Which is the better option? Is it to hold that in the knowledge that we have made a profit for the taxpayer from Bank of Ireland already and we still own that element of it? What do we do with AIB? How do we determine its value? What should we do over a period? Would we get back more for the taxpayer than if we applied for direct recapitalisation? On the latter question, if we do apply, and if we get full consent from all the governors - unanimous agreement - and we get X amount back for the Irish taxpayer, what would we do if we were to suddenly find that the value of what we hold in AIB is vastly greater? The Government has to make a choice here in the interests of the taxpayer. What is the best thing to do? What is the best option? As the Minister for Finance has pointed out, Government will consider and reflect on this very carefully.
We have options. We had no option before because the thing was completely defunct and had to be restructured. The Deputy will recall all the questions he asked here week after week, such as whether we were going to borrow €3 billion to pay the interest in Anglo Irish Bank. That crowd on the opposite side of the House put €34 billion into Anglo Irish Bank and we will never get it back. At least we have a chance with the options we now have for the taxpayer.
Thank you.
Election mode.
How do we get back the most money for the taxpayer? Which decision do we make? Which option do we choose?
(Interruptions).
Thank you, Taoiseach. We are over time.
Deputy Mathews's advice is very good in this regard.
Wilbur Ross took half a billion euro back to America in his back pocket.
A Deputy
What about Roscommon and-----
He has many ideas about what is the proper thing to do, so Government will have to make that decision in due course.
The Taoiseach's answer is that he does not know.
I remind the Deputy that his question was when the last meeting of the Cabinet sub-committee on European affairs took place. He got that one in behind my back.
That is the question.
The Taoiseach does not know.
Written Answers follow Adjournment.