Michael Noonan (Limerick City, Fine Gael)

There are a number of specifics in the statement. The first decision is the principle now has been set out clearly at the highest political level in Europe that the vicious circle between banking debt and sovereign debt will be separated. The second decision is that in this context, Ireland's sustainability and success in the programme will be reviewed and third, it contains a reaffirmation that countries in similar circumstances will be treated equally. This is a statement of principle and the detail that underpins the principle will be worked out in the course of negotiations. Another element that is fairly firm but which is subject to negotiation is the timeline. It starts now and one condition is that a banking supervisor within the ambit of the European Central Bank must first be in place, after which the details will be worked out. The timeline is to the end of 2012.

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