Enda Kenny (Mayo, Fine Gael)

The position, as reported to me, is that Greek exposure to the Irish banks could be of the order of €7 billion. This means the fiscal targets set by the Government are even further out than we had imagined. An EU official commented last week that Ireland would either have to move its targets back or find more savings.

On the day of the budget, 9 December 2009, I asked the Taoiseach in the House whether the moneys being put into Anglo Irish Bank by the Government were to be regarded as spending. He said they were not and that they were an investment. EUROSTAT confirmed last week that the moneys do not represent an investment but are effectively money down the drain. It implied the transaction is to be regarded as spending by the Irish Government and must be included in its budgetary targets as a consequence.

Is the Taoiseach now prepared to correct the record of the Dáil of 9 December 2009, on which he stated the moneys represent an investment rather than expenditure? Will he confirm that, as a consequence of the EUROSTAT decision on the Government's recapitalisation programme for the banks, the Government will now have to change its fiscal parameters and targets? Will he confirm that the Government is still on target to achieve its fiscal targets? Will it have to find extra savings to meet those targets as a consequence of the EUROSTAT decision?

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