Micheál Martin (Cork South Central, Fianna Fail)

We will have some chance tomorrow. I ask the Taoiseach to explain clearly to the House why he signed up for a deal, the full implications of which he had not studied. Did he raise the issue of Irish bank debt? I understand he sought a commitment from European Heads of State to the effect that there would be no private sector restructuring of sovereign debt but the proposal appears to involve all debt, including Irish bank debt. The letter he sent to Mr. Van Rompuy asks that Irish debt be re-engineered, with the objective of reducing interest rates and lengthening the timeframe for repayment. Has the Taoiseach given any consideration to having elements of that debt waived or put to one side given the extraordinary steps the ECB and EU institutions have asked Ireland to take to protect the eurozone in advance of the establishment of the European facilities?

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