Kieran O'Donnell (Limerick City, Fine Gael)

I welcome that people passed the treaty. It provides an absolute guarantee of access to the ESM fund.

The current situation in Europe revolves around Spain. From media reports, it appears that any rescue fund for Spain is being done as a banking rescue package as distinct from a sovereign rescue package. I would expect if such decoupling happens with Spain, any such solution should be retrofitted to Ireland, which has been the best boy in the class. We have made the targets.

Our sovereign banking debt of €63 billion is 40% of our GDP, seven times the education budget, four times the health budget and three times the social welfare budget. If we break it down, there is €20 billion with the National Pensions Reserve Fund and €43 billion of sovereign debt. The promissory note for IBRC, formerly Anglo Irish Bank, makes up 72% of that €43 billion. It is now around €30 billion. If we can find a situation where any solution is retrofitted to Ireland and we can decouple the sovereign debt and the banking debt, particularly the Anglo Irish Bank promissory note, we will bring our general Government debt to GDP ratio to the order of 90%. That ensures we become more sustainable and it will be easier to get back into the bond markets. For me, our sovereignty is absolutely critical and I want to see us back in the bond markets. For that, a key element is the level of debt of the sovereign in respect of the banks, none more so than IBRC. Anything that happens for Spain should be retrofitted for Ireland to ensure we can get back into the bond markets as quickly as possible and that we can retain our independent sovereignty and say "goodbye" to the troika.

I welcome the Bill and the vote of the people on the treaty. That provides an absolute guarantee, although many things are happening externally. Whatever is done for Spain, Ireland should receive the same benefit for banking debt.

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