Joe Costello (Dublin Central, Labour) | Oireachtas source

I thank all those who contributed to today's debate. To respond briefly to Deputy Mattie McGrath, when the banks were re-capitalised in 2011, they were overcapitalised at the time. In the context of us returning to the bond market, there would be further stress testing done in relation to the banks anyway. In June, there will be a full discussion at the European Council on banking union, which will be a further opportunity to have another look at the banking situation.

As the Taoiseach said at the start of this debate, tomorrow's meeting of the European Council will concentrate on two thematic issues, energy and taxation, and will, certainly, be no less important than those recent meetings which found themselves dealing with matters requiring an urgent response. The importance of these two issues to the short, medium and long-term competitiveness of Europe simply cannot be overestimated. It is thus to be warmly welcomed that European Union leaders will have the opportunity to sit down tomorrow in Brussels to provide strategic guidance on how the EU's approach to energy can better deliver competitive improvements which feed into enhanced growth and employment across our Continent. At this meeting, the Taoiseach and his colleagues will reflect on how EU partners can work together to combat tax fraud and evasion. Such practices are never acceptable but at times of consolidation and fiscal retrenchment where budgets are being cut, we must redouble our efforts to co-operate to protect our tax base to the maximum extent possible. While we are talking here about a fundamental issue of fairness, we are also talking about the negative impact that tax evasion and fraud can have on our economies in terms of lost competitiveness, lost jobs and lost growth potential.

The draft conclusions for tomorrow's meeting were worked on earlier today by Ministers in Brussels at this meeting of the General Affairs Council which was chaired by the Tánaiste and Minister for Foreign Affairs and Trade, Deputy Eamon Gilmore. I understand that Ministers had a very useful exchange today on the draft conclusions and that it is the intention of President Van Rompuy-----

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