Oireachtas Joint and Select Committees

Wednesday, 15 October 2025

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach

Scrutiny of EU Legislative Proposals

2:00 am

Photo of Mairéad FarrellMairéad Farrell (Galway West, Sinn Fein)

Go raibh maith agaibh as teacht os comhair an choiste inniu. At the start we had to be a bit more haphazard than usual because we had to run out for votes.

I am really concerned around these two COM proposals that came before our committee. I am even more concerned after having this committee meeting today. I am extremely concerned with Mr. Knauer's response to what Deputy O'Calllaghan asked about how certain countries break different laws and their access to funding. I am also really concerned about the impact this is going to have on the Irish taxpayer.

I will begin with a question on what would happen if these loans were to default. I am aware that Latvia, for example, is getting a €5 billion loan. Their general budget is €15 billion. That is a significant sum of money. I am very concerned that certain countries would not be able to pay the loans back when there is that kind of ratio. I am not concerned by a particular country, because I do not know the economic situation of different countries, but when there are those levels of money I am concerned. It has been suggested it is unlikely for a member state to default on their loans but we know that if they do, it will be guaranteed by the EU budget. What are the incentives for countries to pay back these loans? I will start with the Commission.

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