Brian Cowen (Laois-Offaly, Fianna Fail)

It will be recalled that the Dáil passed a resolution on 10 December 2009 agreeing interim arrangements for the implementation of the relevant Lisbon treaty provisions. The motion before us seeks an extension of the deadline to report back to both Houses on the review from 10 June to the summer recess and also seeks to have the interim arrangements in place beyond the summer recess in 2010.

The other matter that has been raised is a matter that has to be subject to parliamentary approval and a Bill will be brought to the House. The general scheme will be considered by the Government next week and will be brought to the House where there will be a full debate on the matter. As people will know, following a request from Greek authorities, euro area finance ministers have unanimously agreed to activate stability support to Greece via bilateral loans, centrally pooled by the European Commission. Finance Ministers in the euro area have concurred with the European Commission and the ECB that market access for Greece is not sufficient and that providing a loan is warranted to safeguard financial stability.

As with some other countries, Ireland requires parliamentary approval before this member state can release our share of funds. Therefore our participation will require domestic legislation. It is under preparation and will be brought before the House as soon as possible. The general scheme should be considered by the Government next week. The Heads of State and Government will meet on Friday to conclude the process and I will convey our agreement to participate, subject to parliamentary approval and the enactment of our legislation. This agreement is first and foremost designed to safeguard financial stability in the euro area, something which is essential for Europe, euro area member states and Ireland. The financial support package for Greece is being drawn up and the process will be concluded on Friday.

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