Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Marco Buti:

In terms of the margin to be reduced? No, I think we were ... we have been constantly throughout the discussion in favour of lessening the burden on the Irish Government and the Irish people so we have been constantly in favour of reducing and then eliminating the margin. So we have been ... and we have prepared the actual proposals for this. It is clear that one has to understand the logic of the, and the institutional setting for, the EU-IMF assistance programme. In these programmes, we are largely in an intergovernmental setting. So it is ... we are not in the typical Community ... with a typical Community method in which the Commission has the right of initiatives, puts forward the proposal and then the government votes, essentially a majority or they adopt the ... the Commission has the ... in case of substantial changes to withdraw the proposal, we were not in that setting. We are in an intergovernmental setting in which the Commission, in particular, was in charge of implementing the programme. Believe me, we do not do that in a blind manner and, as I indicated and I stress, we were, let’s say, behind the scenes, pushing for creating conditions and for the governments to consider reducing the margin.

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