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
5:20 pm
Stephen Donnelly (Wicklow, Independent) | Oireachtas source
Am I correct in saying that would be rare? One would have to put together quite a specific case, because if I understand the system and what Mr. Ó Brolcháin said correctly, if we have been through the 8% and the 5% but more money is still required as that has not fixed the problem, and we are now onto the ESM, if we lend the sovereign money to lend on to the banks it might cause the country to collapse or lock the country out of the markets for some reason, and only in the case of a possible destabilisation of the sovereign can the DRI mechanism be turned on.
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