Dick Roche (Wicklow, Fianna Fail)

I was very interested in the last two contributions, as they showed the rich diversity of views that exist within Fine Gael.

When the financial position of Greece deteriorated, the governments of the EU decided that determined and co-ordinated action was required. We are now seeing legislation introduced to this House to reflect part of that. The Heads of Government of the eurozone endorsed the loan facility for Greece on 7 March. The loan facility for Greece makes sense and I disagree fundamentally with Deputy Reilly's contribution, but I will get back to that later. The arrangements agreed, which are the subject matter of this Bill, are to be implemented through bilateral loans that are centrally pooled by the European Commission as part of an agreed eurozone package. They are fundamentally different from individual borrowing by different countries. The arrangement is to be co-financed by the International Monetary Fund, which is very welcome because it means that the euro is being protected.

Deputy Shatter made the point that a devalued euro might have some benefits for us on occasion, but it also has some significant costs as we know from filling our petrol tanks. Deputy Reilly really should re-appraise his analysis of the bondholders of Anglo Irish Bank. A very significant proportion of the senior bonds are held by pension funds, while some are held by credit unions. To destroy pension funds or credit unions is an extraordinary proposition and-----

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