Enda Kenny (Mayo, Fine Gael)

The Deputy is right that there were summits in March and July and decisions were made at those summits and those decisions will be implemented by those who attended. For its part, Ireland is working to fulfil those conditions. The Bill giving legal effect to the changes made in July is going through the House and there is a Finance Ministers' meeting scheduled for Monday. The timetable for that may change and may be expanded.

While Deputy Martin continuously comments on lack of contact between European leaders, the result achieved since July in both the EFSM and EFSF speaks for itself in the range of interest rate reductions brought about have secured substantial savings for the Irish taxpayer.

The agenda being pursued by Ireland, which has been articulated by the Minister for Finance at a number of meetings, is being considered by the European partners. It is to put other propositions in place to reduce the overall cost of debt here. The Minister has pointed out that the promissory note that was signed off on by the previous Government in respect of Anglo Irish Bank and Irish Nationwide Building Society contained a sleight of hand that is very costly to the Irish taxpayer. No interest was to be charged until 2013 when the interest rate will be penal, at over 8%. The Minister has pointed out to the IMF and EU that dealing with a range of propositions in that area would be beneficial for the country.

I agree that it is necessary that European leaders discuss these issues in a comprehensive fashion. The first thing they must do is implement what was agreed in July. A big decision is to be made in Germany on Thursday, we are dealing with it here, the Greek Prime Minister is spelling out what his Government wants to do and the Italian Prime Minister has implemented an austerity programme. The countries who signed on for decisions have a duty in their respective Parliaments to implement those decisions. A meeting is fixed for EU Heads of Government. I am not sure of the date of that meeting but it is fairly soon.

See this speech in context