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

Greece has been treated for several years as a special case. The Deputy knows all about the debate of what could be done for Greece. For all the programme countries, including Greece, the programmes were designed with conditions in the recipient countries involved in mind. There was no one flat programme applied. Greece’s programme was distinctly different to Ireland’s. It is important to note that the concessions agreed, which include the SMP measure being facilitated under this legislation, are specific to Greece and are accompanied by significant additional conditionality.

They must also be seen in the context of the very significant debt restructuring that has taken place in the Greek programme. Countries and programmes seek to assist each other. We did not object to this when it came up as part of the solution for Greece. There was no payment required from Ireland while we were in the programme. The total amount that might be applicable to Ireland is reduced by €35 million. The residual amount now is €126 million which will be paid over a long period.

At the time this was going on, we were pursuing a solution for the promissory note. The Greeks, the Portuguese and other programme countries did not oppose us in that. There are 18 countries within the eurogroup with 28 Union member states. If one is looking for a concession, one has to bring everyone on side. One thinks twice before objecting to something other member states are availing of, particularly if it does not interfere with one’s key objectives or interests.