Eamon Gilmore (Dún Laoghaire, Labour)

I wish to be clear about this, because Sinn Féin has a habit of constantly misquoting, selectively quoting and twisting words and terms. The treaty on which we will vote on 31 May is not being renegotiated. The text of that treaty is clear and it will not change. What we are doing, and what we have been doing since last year, is pursuing a growth agenda. We have always said that the stability treaty alone was not the sole means of getting the European economy to recover and grow, and that there must also be growth and jobs. We have put forward a number of suggestions, some of which were taken up in January. We have supported and advocated a widening of the role of the European Investment Bank. Building on the decision made in January, which addressed how unused Structural Funds might be used to address issues such as youth unemployment, we are looking at ways that might become a reality. We would support the concept of project funds and eurobonds.

Bank debt is a separate issue. We have been pursuing a separate track of negotiation relating to bank debt and we have already made progress on that. We secured a reduction in the interest rate and agreement on the exchange of the promissory note for a longer term bond. We continue to negotiate with the ECB on ways of re-engineering the bank debt to the best advantage of the Irish taxpayer.

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