Eamon Gilmore (Dún Laoghaire, Labour)

I will try to comply with the Leas-Cheann Comhairle's request.

On Deputy Doherty's point, the European Stability Mechanism is intended to provide the framework which will apply post-2013. Our approach to that is on the basis of debt sustainability. The Government's objective is to work our way out of the difficulties we are in. We are confident this can be done.

Deputy Pringle asked about the amount that we are to contribute to the ESM. Only €80 billion of the €700 billion capacity of the mechanism is paid in capital. This will be made available by participating member states in five equal annual instalments from 2013 according to an established key. Ireland will contribute 1.592% of the €80 billion or approximately €255 million in each of the five years. The total will be €1.27 billion. The manner in which the ESM is structured means that each country's contribution will not impact on its general government deficit. The remaining €620 billion of the subscribed capital will be made available by way of calling capital and guarantees. Ireland's share of the €620 billion will be approximately €9.87 billion. The amount put up by Ireland will be approximately €255 million in each of the five years. We have to bear in mind that it is a fund and mechanism which we want to have available to us.

I will return to Deputy McGrath because I missed the point he made.

The arrangement brings us back to Deputy Wallace's point, with which I agree. I do not think any member state, whether this country or Germany, can play the game for country advantage. There is interdependence within the European union. If large countries like Germany or any other member state insist on decisions being taken which are in its national interest alone, it will ultimately come back and bite the member state concerned. Therefore, it is necessary that decisions are taken in the interest of the wider European Union.

The decisions taken at the last European Council meeting reflect that, because as the Deputy will know, in the months leading into it there was concern in some member states about the extent of the contribution taxpayers and individual member states were being required to make, as they saw it, to come to the aid of countries on the periphery. That is a short-sighted way of looking at the problem. As Deputy Martin said, countries like Ireland have put a great deal on the table and that needs to be factored into the equation.

I missed the point made by Deputy McGrath.

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