Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

At present, that liability would run into tens of billions of euro. My final question relates to the budget process here. The Minister referred to the changes brought about by the two-pack agreement in Europe and our budget has been brought forward to 15 October. What is the role of the European authorities in regard to that budget? For example, is the Minister required to submit a draft of the budget to the European Commission in advance of our budget? What are the two-pack requirements which must be met in the lead-up to the delivery of the budget in the House in October?