Dominic Hannigan (Meath East, Labour) | Oireachtas source

What are our guests' views on the two-pack, particularly in the context of the proposed redemption fund? The proposal in this regard is that where the debts of countries exceed 60% of GDP, they will be pooled and dealt with at a later date. What are their views on the proposed fiscal transfers countries between countries in order to correct structural weaknesses within economies and to counterbalance any cyclical economic downturns? How will these transfers work?

Mr. McDonnell stated that one of the reactions to the crisis included the securities market programme and Mr. Coffey wrote about this matter recently in the context of the number of bonds purchased by the ECB under that programme. I understand that almost €20 billion worth of Irish bonds were bought at distressed prices by the ECB in the second half of 2011. Some of these bonds were purchased for €70 and they are now trading at over €100. The ECB has, therefore, made a significant profit on the bonds it purchased. The ECB agreed to return the profits it made on the purchase of Greek bonds to the Government of Greece. Those profits amounted to several billions of euro. Should Ireland be seeking a return of the profits made on the bonds purchased and sold on by the ECB? The figures indicate that the ECB made between €3 billion to €5 billion from purchasing Irish bonds that were in a distressed state in 2011 and then selling them on at a profit.