Oireachtas Joint and Select Committees

Wednesday, 24 September 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion

5:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The Department of Finance is asking us to sign a blank cheque for it by ratifying it without the Department getting the deal over the line. It has had two years to secure the detail, but there has been no fleshing out whatsoever of the detail of retroactive recapitalisation. I hope and pray the Minister and the Department have a clear understanding behind closed doors of how this will happen and that they are aware an application can be made for direct recapitalisation without having to go through the waterfall process and that they are keeping us in the dark because they want to keep everything closed off from Opposition politicians.

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