Enda Kenny (Mayo, Fine Gael)

The troika, comprising the IMF, the European Commission and the European Central Bank, undertook to produce a paper on flexibility being shown to Ireland in regard to the promissory notes. To achieve anything in this regard, negotiations and discussions have to take place. It is only right and proper that all the personnel involved in the discussions be allowed to do their work.

The Minister for Finance, Deputy Noonan, was at an ECOFIN meeting. All the representatives of the troika do not sit around the tables discussing questions raised by the Minister for Finance at such meetings. The Minister for Finance, Deputy Noonan, is perfectly correct when he meets with his colleagues from all sides around that table in bilateral discussions and comments that take place. That is not the forum of the troika where all the discussions take place. Deputy Adams will understand that bilateral discussions between Ministers are always very important. However, the personnel in these discussions involve a much broader group than just the Finance Ministers.

This country has had five intensive analyses by the troika in respect of the memorandum of understanding. We have achieved renegotiation of elements of that memorandum such as the minimum wage, the interest rate and the period to reduce the debt to 3%. These are questions with which the troika agreed with Ireland. For instance, if the Government decides to sell State assets at an appropriate time for an appropriate amount, then 33% of that can be used for investment in job creation and sustainable employment.

In the same manner, the discussions on the paper undertaken by the troika are ongoing. I have never set a time limit on these. I have never tried to raise expectations about their conclusion. I understand that people who are given a responsibility should be allowed to conduct it in respect of their negotiations. Ireland is conscious of the fact that the flexibility shown to us in respect of the deficit and our repayments of our debt will be of great encouragement to our people. I have never tried to raise expectations or enforce a time limit here.

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