Micheál Martin (Cork South Central, Fianna Fail)

It would seem to me that the logical and tactically correct strategy would be to seek a reduction on the bilateral loan with Britain as this would force the hand of other EU Heads of State to do likewise on the broader EU-IMF deal. The Taoiseach has from the outset identified this matter as the Government's number one priority. On 11 March, the EU Heads of State stated that funding costs should be lowered to better take into account debt sustainability of the recipient countries. As acknowledged by the Taoiseach last week, that is what was agreed in the communique by the outgoing Government, which was followed through by the current Government. That is what I find incredible. This begs the question of whether the Taoiseach as Head of Government has taken this issue as seriously as he should I do not believe he has done so. It is no longer good enough to say this is a matter for the Ministers for Finance.

The Taoiseach confirmed this morning that almost half of the bailout funds will not now be subject to any reduction in interest rate. This was confirmed yesterday by the Minister for Finance, Deputy Noonan, who said the issue was over-hyped. It is the Taoiseach and no one else who over-hyped it and made it a red line issue going into EU Council of State meetings. We now find that at all of the bilateral meetings he had with British Prime Minister, Mr. Cameron, and others, the Taoiseach did not pursue the issue. When asked if he would raise it at EU Council level he said that if the matter was raised, he would discuss it.

Will the Taoiseach agree that he has a responsibility and obligation to set and contribute to the setting of the agenda of these EU meetings? In my view, given it has taken so long to get any meaningful follow through on the meeting of 11 March, it is time the Taoiseach asserted his position at the next EU Heads of State and raised the issue of the sustainability of the programme under which Ireland is working with the EU-IMF, in line with the conclusions arrived at the EU Heads of State meeting on 11 March.

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