Micheál Martin
Ceist:100. Deputy Micheál Martin asked the Minister for Finance the number of bilateral meetings he has held with Mr. Mario Draghi since 1 January 2012. [47361/12]
Amharc ar fhreagraMinisterial Meetings
Ceisteanna (100)
Freagraí scríofa
Since January 2012, I have held two individual meetings with Mr Mario Draghi. In addition, I have ongoing regular interaction with Mr Draghi at Eurogroup meetings and other European meetings.
European Stability Mechanism
Ceisteanna (101)
Micheál Martin
Ceist:101. Deputy Micheál Martin asked the Minister for Finance if he has made an assessment on the wider implications of Irish banks being part of the European Stability Mechanism; and if he will make a statement on the matter. [47588/12]
Amharc ar fhreagraFreagraí scríofa
As you will be aware, the Euro Area Summit Statement of 29th June affirmed that it is imperative that the vicious circle between banks and sovereigns be broken. Work is continuing at a technical level to put in place both the single supervisory mechanism, and the European Stability Mechanism’s direct banking recapitalisation facility, at the earliest possible date. Ireland is participating constructively in these technical discussions.
The most recent European Council on 18/19 October 2012 concluded that:
“The Eurogroup will draw up the exact operational criteria that will guide direct bank recapitalisations by the European Stability Mechanism (ESM), in full respect of the 29 June 2012 euro area Summit statement. It is imperative to break the vicious circle between banks and sovereigns. When an effective single supervisory mechanism is established, involving the ECB, for banks in the euro area the ESM could, following a regular decision, have the possibility to recapitalize banks directly.”
It is important from Ireland’s perspective, that progress towards these goals is made as quickly as possible, and as I have already mentioned we are playing our full part in this work.
The implications of any ESM participation in Irish banking recapitalisation are being considered as part of our overall approach to these discussions. However, at this stage it is not possible to form a definitive view on this matter.
Budget Submissions
Ceisteanna (102)
Micheál Martin
Ceist:102. Deputy Micheál Martin asked the Minister for Finance if he or his officials have received the St. Vincent de Paul Society pre-budget submission; his plans to meet the society; and if he will make a statement on the matter. [48177/12]
Amharc ar fhreagraFreagraí scríofa
I have received a pre-Budget submission from the Society of St. Vincent de Paul. Its contents will be considered in the context of the forthcoming Budget and Finance Bill. As Deputies are aware it would not be appropriate for me to comment in advance of the Budget on possible Budget decisions. I have met recently with a number of groups as part of the Budget 2013 process. These included the Community and Voluntary Pillar. The Pillar is comprised of seventeen organisations representing the interests of people from many different sectors of society and includes the Society of St. Vincent de Paul.
Question No. 103 answered with Question No. 85.
European Financial Stability Facility
Ceisteanna (104)
Micheál Martin
Ceist:104. Deputy Micheál Martin asked the Minister for Finance if the lack of need for a bailout for Spain was discussed with Prime Minister Rajoy; the implications of this position for Ireland; and if he will make a statement on the matter. [48329/12]
Amharc ar fhreagraFreagraí scríofa
European Finance Ministers and Heads of State and Government meet and discuss regularly with their colleagues, including important issues such as economic and financial vulnerabilities. Regarding any need for a bailout, it is ultimately up to the authorities of a country to determine the existence of such a need, request assistance, and to decide on when they draw on said assistance so long as they continue to fulfil any agreed measures.
In July, Spain and the EFSF signed a Memorandum of Understanding. The purpose of this programme is to assist Spain with its measures to reinforce its financial stability. The Memorandum specifies financial sector conditionality and, upon observance thereof, allows Spain to draw up to EUR100bn from the EFSF for the purpose of recapitalisation of its financial sector. Spain has not seen the need to request a fully-fledged programme.
Ireland, for its part, continues on its adjustment path and is making progress toward re-establishing sustainable market access. Of course, the external environment is important for Ireland’s recovery and for sustained market access. Hence, Ireland has an interest in seeing Spain make good progress toward stabilisation and recovery.
Question No. 105 answered with Question No. 94.
Sale of State Assets
Ceisteanna (106)
Mary Lou McDonald
Ceist:106. Deputy Mary Lou McDonald asked the Minister for Finance if financial advisers have been appointed to act on the sale of Bord Gáis Energy; and if he will make a statement on the matter. [43495/12]
Amharc ar fhreagraFreagraí scríofa
Following a competitive procurement process carried out in accordance with relevant national and EU guidelines, the NTMA (acting through its NewERA Unit) has appointed Barclays Bank PLC to provide advice and assistance to the NTMA (acting through its NewERA Unit) and the Ministerial stockholders of Bord Gais Eireann (“BGE”) in relation to the proposed disposal of BGE Energy. The BGE Board, who will be responsible for implementing the transaction, are currently in the process of finalising the appointment of their own financial advisors, to provide advice and assistance to the Board in implementing the detailed steps involved in executing the transaction.
Questions Nos. 107 and 108 answered with Question No. 85.