Pearse Doherty (Donegal South West, Sinn Fein)

As the Minister stated, the pact for the euro to which we will agree tomorrow commits the State to announce specific measures. These are concrete commitments to be achieved in the next 12 months. What commitments will the Government will make on behalf of the people? What concrete commitments are laid down? The pact also refers to the need for these concrete commitments to be included in the national reform and stability programme to be submitted in April. There is a short window. Commitments must be given tomorrow and they must be in the new programme submitted by April. What are the concrete commitments that the Government will enter in to on behalf of the people?

One of the points that has come out of the pact for the euro is the establishment of the European stability mechanism, ESM, a new fund to come into effect in 2013. This new fund alters the way money will be paid to the funds it will replace and capital will be required upfront. What is the timetable for the gradual payment of the capital to the ESM? What amount of money will this State have to pay to this fund? Over what period will this capital have to be paid? I understand it will be paid at a no-interest cost and then, when we want or need it back, we will be charged above the market value. What will the cost to the State be and over what period with the establishment of this new funding mechanism, the ESM?

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