Lucinda Creighton (Dublin South East, Fine Gael)

That was the second part and I will come to that. However, the Deputy asked me about the Government's position regarding PSI for Ireland, in other words, write-down of Irish debt. I believe I am entitled to give my view on the background to that and why the Government is so insistent that we meet our targets and benefit from or take advantage of the fact that we have now emerged from recession and are back in a positive growth position.

As regards the question about treaty change, it is very difficult to predict whether President Van Rompuy will bring forward a proposal on a treaty change to December's European Council meeting. If that happens and if it is agreed there will follow a long and protracted process involving European governments and parliamentarians and all other stakeholders, to change the treaties of the European Union. If that involves a transfer of competence or power from the our national Parliament and Government to the European institutions, of course a referendum would be held in which the Irish people would have the opportunity to vote for or against the proposal. I cannot predict that this would be the outcome, it is impossible to say.

However, at this point we are very forcefully putting forward the argument, along with many of our other partners, that we consider it possible and feasible to achieve the type of integration that is required for European member states to work more closely together and to improve, strengthen and stabilise the European monetary union through the existing instruments, that is, the existing treaties. That is our position and we will continue to articulate it.

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