Brian Lenihan Jnr (Dublin West, Fianna Fail)

I have already indicated in my reply, which was not a sweet comment, that the European Central Bank has no competence in judging the constitutionality of measures in this State. The opinion was out of order in that respect, although the proper constitutional procedures were followed. As the Deputy knows, the President, rightly within her functions, convened a meeting of the Council of State and ultimately signed the legislation.

As regards the other matters of concern raised by the European Central Bank, which related to its position as a creditor and the ECB's independence, these matters are adequately covered by the legislation.

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