Dáil debates

Wednesday, 12 January 2011

2:30 pm

Photo of Michael NoonanMichael Noonan (Limerick East, Fine Gael)

The Minister referred to the impossibility of renegotiating the very high interest rate attached to the package. With respect, he is not correct. The rate is renegotiable but not at the level of the Minister for Finance; it is renegotiable at the level of Council of Ministers and heads of state, obviously because everything is. Does the Minister realise that when the first tranche of money was transferred to Ireland, it was borrowed by our partners in Europe under their guarantee at 2.9%? That element was lent on to Ireland at a rate in excess of 6%. This is the first time the EU decided to make a profit in providing funds to member states. It confirms the very bad negotiation conducted by the Minister and his officials. These negotiations should be re-entered.

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