Pearse Doherty (Donegal South West, Sinn Fein)

The argument is being presented to us that increasing the guarantee by €5 billion is merely a cosmetic exercise because this is a stepping out country. We have stepped out since 3 December 2010. Could there be a time when Ireland could be called upon to guarantee the €12.5 billion figure in the Bill? The Minister has already spoken about Ireland coming out of the programme and there is reference on page 22 of the Bill to handing over the contributions to the ESM at that point. Is it conceivable that this guarantee could be called upon at some stage, or would it require this Parliament to again pass legislation? We are well aware of the structures being put in place by the German Parliament to ensure there will be some sovereignty in this whole process. A committee is being set up there to ensure there will be no draw on that country's Exchequer. There is no such measure being facilitated in this Bill. We are being told not worry about the figure of €12.5 billion because it does not apply to us. I want to be crystal clear that this will be the case indefinitely and that there are no circumstances in which this measure which the Minister is asking us to enshrine in law will be called upon.

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