Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The repayment of €3.1 billion every year for ten years is what is at stake. It is true to state Mr. Draghi has had a very fresh approach towards the ECB and in how he views the European Union. Ms Lagarde has been very supportive of Ireland as has Commissioner Rehn, the German Minister for Finance, Mr. Schaeuble, and Mr. Rasmussen. The focus is on putting all this goodwill and translating it into negotiations that would bring a result for us.

Deputy Martin asked about the banking union. We welcome progress towards a euro area banking union but everybody recognises that as we have 6,000 banks here it is a complex undertaking. However, I must state there is a realisation that work must proceed as quickly as possible. The new arrangements are supposed to be in place by 1 January next year.

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