Shane Ross (Dublin South, Independent)

What the Taoiseach called a "seismic shift" certainly happened in Europe last week, not necessarily on the banking question, but there appears to have been a change in the balance of power in Europe because of an ambush of Mrs. Merkel by France, Italy and Spain late in the night. I hope the Taoiseach was part of that ambush. I do not expect him to take the credit for it but he was part of that mission to achieve the end of the Franco-German leadership and domination of Europe and I welcome that.

I have a question, however, about the headline change that was made. The headline change, which is dramatic, is that there was a breakthrough on the distinction between the sovereign and the banking debt. It is important, however, to address the difference getting the banking monkey off our backs will make to the ordinary citizens of Ireland. The Minister for Finance has already said it will make no difference to the next budget. Will it make any difference and is there any comfort in this great diplomatic triumph, which it is, for the average person on the street, the small businessman mentioned by Deputy Martin or the unemployed about whom Deputy Adams spoke? The Taoiseach can talk about the projects and project bonds, which are part of a different package, but can he explain to us how this big separation of the sovereign and the banking debt will make a difference to those who suffering under the current austerity?

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