Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

It has always been the case from the outset that what works for one should work for the others just as it did with interest rate reductions. We got these reductions because other countries got there first and we took them.

The ECB often rightly points out that its credit has maintained the Irish and European markets. This is the duty of a central bank and not something for which anyone should be asked to express gratitude. Equally, the ECB has lost nothing whatsoever from this support, as it has given Ireland nothing. It has lent money to Irish institutions, which has been and will be returned. The ECB holding of Irish bonds stemmed directly from a failed policy implemented before the ESM and other measures were agreed. After costs, the profits on these holdings have been estimated at €500 million. The bank returns its profits on Greek bonds to Greece; it should return its profits on Irish bonds to Ireland. No Irish Minister, let alone the Taoiseach, has put this on the agenda. It represents almost the full amount of health cutbacks. The Government parties are so concerned about these that they withheld the health service plan until the week before Christmas. If the Taoiseach and his Government have formally given up seeking a reduction in Ireland's bank-related debts and if they are not seeking a return to Ireland of ECB profits on Irish bonds, they should be honest enough to admit that and to stop the misdirection.

Overall the model of banking union which will be agreed conforms to the idea of a common control framework without any shared responsibility. This is not what Europe needs. On Friday morning, the president of the European Investment Bank, EIB, will attend the Council for a discussion on measures to promote growth. The EIB has not even scratched the surface of what it could do. The main reason for this has been the decision of leaders to require national co-financing and other restrictions. The Government has again cut capital spending in next year's budget more than is necessary and this is part of the reason for the ESRI stating that the budget will act as a net drag on the economy next year. The time has come for the Government to take a more assertive an ambitious approach to leveraging EIB financing.

With regard to the scheduled discussions on defence policy, nothing has been produced which supports the case for a new initiative in this area. The current structures have not been given time to work and they cannot be said to have failed. As has been seen in a number of recent cases, even NATO members retain the right to disagree and go their own way on many issues. Earlier this year, the Minister for Defence signalled that he would try to water down Ireland's commitment to the triple lock, which is at the core of our neutrality. He presented the idea that it was contradictory and that we were giving unsavoury countries a veto over our actions. This argument has been behind the efforts of a wing of Fine Gael to erode neutrality over the years.

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