Mr. Feargal Ó Brolcháin:

There are several issues. The position outlined last year was that these were the measures considered appropriate to Greece, and Ireland would pursue measures appropriate to itself in the context of its exit from a programme. More fundamentally all these measures for Greece come with conditions attached. The question is whether it was appropriate to seek those measures and to continue in conditionality.

While we still face many challenges, the other euro member states would have to agree to this and the question is whether this was something one wanted to ask other euro member states, some of which, notwithstanding our current difficulties, have considerably lower GDP per head than we do. The decision was taken that there were other approaches more appropriate to Ireland. Other arrangements have been made for us in respect of the extension of maturities on our EFSM loans and the promissory note.

Not enacting this legislation would be a breach of our commitment given in the November 2012 ECOFIN meeting. That would have consequences for international relations.