Friday, 10 December 2010
Financial Emergency Measures in the Public Interest (No. 2) Bill 2010: Second Stage (Resumed)
Brian Lenihan Jnr (Minister, Department of Finance; Dublin West, Fianna Fail)
Last night, Deputy Penrose asked whether the Government's decision to reduce the national minimum wage was required or demanded by the IMF or the EU. I can assure the Deputy that this is not the case. Ireland has agreed a programme with our EU partners and the IMF which offers substantial financial support, amounting to a total of €85 billion through the European Financial Stability Fund and the European Financial Stabilisation Mechanism, bilateral loans from the United Kingdom, Sweden and Denmark, and the International Monetary Fund's extended fund facility. In the course of the discussions any international observer who discussed the Irish economy pointed to the ludicrous aspect of the present position - something that some in this House fail to comprehend.