Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

I welcome the Tánaiste and his officials, thank him for his comprehensive outline of the agenda for the forthcoming General Affairs Council meeting and wish him well during the seven weeks that remain of the Presidency. As the Chairman, Deputy Hannigan, noted, it seems as though the time has flown. I am sure that from the Tánaiste's perspective, given the workload he has undertaken during that period, the end probably cannot come soon enough.

The Tánaiste rightly identified the potential in respect of a trade partnership between the United States and the European Union, which is a high priority, and the efforts Ireland is making to secure the mandate to begin these negotiations. How hopeful is the Tánaiste that Ireland will be successful in this particular endeavour? Turning to the Tánaiste's comments on the banking and sovereign debt issue and the banking union package that has been worked on, he will be aware that Professor Honohan appeared before the joint committee last week. While he did not rule it out, he cast a cold shadow on the notion that Ireland would benefit from the aforementioned statement from June 2012 and indicated it had a long way to go. That statement gave everyone some hope that Ireland's significant pile of debt would be affected, particularly in respect of the legacy investment it has made in its pillar banks. Obviously, were it possible to do a deal in this regard, it would have a significant impact on Ireland's debt pile and benefits would flow therefrom. The Tánaiste should provide members with an update on his views in this regard.

I also invite the Tánaiste to comment on the expected increase in banking regulation and the impact this may have on Ireland's International Financial Services Centre, IFSC. I was pleased that the comments made by Dr. Michael Somers at the weekend received the level of attention they deserved. From my contacts within the International Financial Services Centre arising from my membership of the Joint Committee on Finance, Public Expenditure and Reform, it has been apparent to me for some time that there does not appear to be a uniformity of application of European-wide regulation and to that extent, as Dr. Somers identified, banks such as Goldman Sachs have handed back banking licences. Funnily enough, they are establishing the very same businesses they have failed to maintain in the IFSC in other European financial districts. The various companies operating in the IFSC indicate that it is easier to operate in some of the other jurisdictions. I wonder whether there is a problem in this regard that must be addressed. While I accept, as does everyone, that we need better banking regulation, as the Tánaiste is aware, these are internationally traded services. This does not pertain to domestic institutions or to the excessive lending related to the property bubble. Although no one wishes to return to that, neither do we wish to put ourselves in a position in which Ireland is no longer attractive to such large multinationals that employ so many people. This question requires a response from the Government. I accept that the Tánaiste may not be in a position to respond to this point today, but it certainly is a matter that must be addressed by the Government pretty quickly. While everyone likes to be sure the regulation is in place and is solid, is Ireland applying it to a greater extent than other countries? It appears that this is the case if such institutions find it easier to operate in Frankfurt, London or wherever.