Enda Kenny (Mayo, Fine Gael)

To be honest, I cannot put a conclusion time on it because I do not control the attitude that might be taken by the governors of the other eurozone central banks. The Deputy is well aware that some countries take the view that others should be encouraged and helped. That is part of what the foundation of the European Union was about. People in other countries who are coming from a certain political perspective take the view that we got ourselves into this mess and that we need to get ourselves out of it. We take a very different view of how the European Union should progress in order to ensure every country can adhere to proper conditions, can have proper budgeting and housekeeping of its own affairs and can work to stimulate its economy in order that jobs and opportunities can be created.

I wish we did not have to deal with the promissory note issue, but it is the reality. The Deputy is aware that it came into being some time before Ireland entered into the bailout programme. Essentially, the principle surrounding our approach is that we are not looking for something that any other country could look for afterwards. It is important that there be an emphasis on the opportunity to apply the flexibilities under the EFSF and the ESM to the promissory note recapitalisation moneys of over €60 billion which were added to the sovereign debt and led to difficulty for us. I would love to be able to tell the House that I know a conclusion will be reached by a certain date. However, I am not standing here to heighten expectations that a conclusion will be brought to this issue.

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