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 Shay BrennanShay Brennan (Dublin Rathdown, Fianna Fail)

I appreciate that before a default takes place, work will be undertaken to restructure and assist that nation. Even without this instrument, an EU nation defaulting is problematic for the Union so support would be there.

There is one thing I want to understand. If a nation comes in tomorrow to draw down €5 billion, it is a case of the EU having to go to the market to raise that €5 billion or will the first X amount be taken from existing EU funds?

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