Brian Cowen (Laois-Offaly, Fianna Fail)

Regarding the first matter raised by the Deputy I remind him that we all must be careful about the terminology we use in this regard. These are bilateral loans and will be repaid as the economic position in Greece improves. Obviously, strong conditionality attaches to these loans, with a quarterly monitoring and evaluation to take place and a review at the end of the year. I ask that we be responsible in respect of the terminology we use.

The conditionality attaching to the bilateral loans can be discussed and debated when the Bill comes to the House in the normal way. The general scheme of the Bill should be before Cabinet next week and we can take the Bill as soon as it is approved by the Cabinet. It is important that we use the correct terminology and do not give an impression that money is being handed over, willy nilly. The conditionality here is strong. This is a financial support package. Greece does not have access to markets at present but is making a very significant adjustment, cutting €30 billion, or 13% of GDP, over the period to 2014. It is important, in the interests of financial stability in the euro area, and in the national interest regarding our economy and its effective recovery, that we be very specific and accurate in terms of how we portray this.

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