Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

This is one of the sticking points with the Parliament. The Greek Presidency cannot amend what has been proposed without political guidance from ECOFIN. On Monday night a Eurogroup plus meeting will take place, which is ECOFIN chaired by the President of the Eurogroup, Finance Minister Dijsselbloem from the Netherlands. It is agreed that the separation of sovereign and banking debt will happen, but not fully for ten years. This period is too long. I agree with Mr. Draghi's position that it should be over five years, but the Finance Minister of Germany stated he had no problem with this provided everybody paid their full levy over five years also. Our position is to mutualise over five years but build up the fund over ten years. This is our position and this is what I will argue. It will be in the context of giving permission to the Greek Presidency to negotiate a compromise with the Parliament along these lines. There are different views.