Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

I welcome the Tánaiste and his officials and I wish him well in his role as president of the GAC over the coming months.

Some of the issues have already been dealt with so I will stick to those that have not. On the banking union, the June summit that decided to take the sovereign out, if there is a need for future funding of pillar banks. Arising from that it was made clear that unless the necessary provisions to provide for banking union were put in place, we would not progress to avail of the benefits of that. What is the status of the banking union process? When is it likely to conclude so that the obvious potential benefits might flow?

We have dealt with the MFF. On CAP, the Tánaiste rightly said that issues such banking union and Common Agricultural Policy will form part of an improvement in growth, jobs and stability, which are the key priorities of Ireland's Presidency. I ask him do give more detail on the status of the CAP negotiations. The speech by the British Prime Minister, Mr. David Cameron, MP, indicating that he intends to hold a referendum in a number of years creates considerable uncertainty around the whole European project. While I do not expect the Tánaiste to get into the affairs of another member state, given our dependence on trade with the UK I ask him to comment on the potential implications for Ireland during the hiatus between now and 2015, which will clearly bring a level of uncertainty.