Michael McGrath (Cork South Central, Fianna Fail)

The bottom line is that before us is legislation which enables ratification by the State of the treaty. It is one we cannot change on our own and we must make a decision based on the merits of what is before us. I reiterate my party's support for the Bill. The lending capacity of the ESM will in time be proved to be inadequate and the issue will have to be revisited, but we must make a decision based on the content of the treaty, as it stands. The European response to the banking crisis has been a spectacular failure and the sooner the issue of the link between sovereign and bank debt is revisited on a European-wide basis the better. It is inevitable that this will happen, it is only a matter of time. It is a pity the lessons are being learned slowly. My party advocates a much more open process in that regard. However, it supports the Bill. I wish the Minister well in his meeting with the euro group tomorrow and ECOFIN on Friday.

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