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 Pearse DohertyPearse Doherty (Donegal, Sinn Fein)

Okay. In relation to the contingent liability, member states do not default - although we unfortunately know that member states do default, in particular when we have wars and all of that, we have a higher risk in that regard. We can see the challenges that Ukraine, for example, faces at this point in time as a result of the illegal invasion and bombardment of that country by Russia. S and P Global reported earlier in the year that Ukraine defaulted on a large part of its debt. It is not unique for circumstances to change. We would not wish what Ukraine is going through on anybody else.

Ms Ralph mentioned 1.4% in terms of contingent liability. People at home do not have a clue what that means. What is the contingent liability of the State, regardless of whether the Commission believes the risk will materialise? What is it in cash? What is the amount of money that Ireland is on the hook for if we agree to this programme which would allow for loans to be given for the militarisation of Europe?

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