Timmy Dooley (Clare, Fianna Fail)

The legislation clearly provides a permanent regime for credit institutions and banks that get into trouble. It is a technical but clearly vital framework to deal with future problems. While it places on a permanent footing a systematic approach to dealing with previously covered troubled financial institutions, it still leaves outstanding the issue of trying to achieve a much broader approach across Europe to the institutions.

In this context, it is worth recognising the relative advances that have been made in Greece today. At least its Parliament has faced up to the crisis it faces and which we all face collectively. It is welcome that Greece has taken what we might consider the first step by passing the motion to ensure the commencement of privatisation and the very serious curtailment required. There are a number of other steps to be taken. Member states across the Union have indicated willingness to consider a further bailout, which I understand will be necessary in August. Notwithstanding that, there is a very serious crisis that has the capacity to overshadow the particularly good work that has been done on a cross-party basis, bearing in mind the process my party started. It must be recognised that there are further steps to be taken.

It was interesting to note that President Sarkozy talked in recent days about French banks considering the roll-over of certain bonds, albeit voluntarily. This is interesting because it is the first step-----

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