Joe O'Reilly (Cavan-Monaghan, Fine Gael)
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I join colleagues in welcoming the delegates. This is the second or third time Professor Honohan and I have met, having met in a different context a couple of years ago at events in the constituency I represent.

Do the delegates believe we will achieve banking union? It appears we are on course to do so. To what degree will it contribute to an opportunity to create a further stimulus for job creation? There is some €6 billion in the multi-annual financial framework for the purpose of job creation. Can more money be allocated or will €6 billion suffice? Will banking union create a regulatory framework, whereby it will be easier and prudent to invest in job creation measures? Nothing supersedes the need to create jobs across Europe, as the statistics from Spain and other countries demonstrate. When can we move and to what degree will banking union enable us to do this?

How confident are the delegates that we will receive help in dealing with the issue of legacy debt in the banking sector? Will we break it? If we do, I presume it will have major implications for our recovery. I am interested in their prognosis and knowing how optimistic they are, despite the negative soundings in some parts of Europe.

Professor Honohan has referred to the banks as being risk averse. Depositors are equally risk averse in terms of investing in local initiatives or employment creation. Am I correct in saying there is €100 billion in savings in the country? Will the delegates comment on how we can change people's lack of willingness to take risks? If there was an overall context, it would make them more confident and would help.

If we progress economic and monetary union with banking union to ensure the fitness of the economy and so on, we will have to face up to the issue of a debt write-off in a number of cases. I appreciate this is a difficult issue. However, from practical experience gained in listening to and meeting people, I assume a debt write-off will be necessary as part of the resolution of a considerable number of individual cases as the year progresses. This would apply to debts of up to €20,000. Will Professor Honohan comment on the need for a debt write-off in individual cases? Will he also comment on how workable the American model of printing more money would be in a European context? These points are put to us as we go about our daily work and it will be interesting to hear his response to them.