Dáil Éireann Debate, Tuesday - 14 July 2015
252. Deputy Micheál Martin asked the Minister for Finance his views on the solvency of the Greek banks; if this was discussed at the European Union Council meeting on 7 July 2015; and if he will make a statement on the matter. [28386/15]
View answerI am conscious of the very difficult situation facing the Greek financial sector, and I can confirm that the euro area Heads of State and Government (HoSG) discussed the situation in Greece on 7th July.
Moreover, the HoSG on 13th July agreed that, subject to the Greek authorities implementing legislation in a number of policy areas over the next week or so, negotiations on an ESM programme of financial assistance could begin.
The HoSG have made clear that, if an ESM programme can be agreed, funding of between €10-25 billion would be needed to address Greek bank recapitalisation needs and any resolution costs. The European Central Bank/Single Supervisory Mechanism is to undertake a comprehensive assessment, while the Greek authorities are to transpose the Bank Recovery and Resolution Directive (with assistance from the European Commission) by 22nd July.
