Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

We are in an incredibly unique situation. I anticipate that by the time we move into next year, the number of countries that would be in excess of the 3% deficit requirement will begin to change and one will see more countries - due to economic growth and due, I hope, to the retreat of the economic consequences of Covid-19 - fall at or below 3%. In any event, if there is change in the SGP to reflect a new economic reality, the operation of this treaty will have to reflect it.

Deputy Pearse Doherty is correct to say this treaty is being brought in before that debate has concluded. I would anticipate that it will take at least a year for that debate to conclude and for agreement to be reached on the future of the SGP but in that year, I still believe, there is value in this treaty being implemented because it brings forward by two years overall the kinds of support that may be available to countries if they find themselves facing a natural risk or a banking difficulty. The enhanced conditions credit line, ECCL, which I suspect is the other credit line Deputy Pearse Doherty will come on to in a moment, is applicable in a broader range of circumstances.