Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Nothing is irrelevant; everybody is advancing negotiating positions. However, there are 27 countries in the European Community and a spokesman for the Commission, which speaks for the Community, stated this morning that the policy remains the same as that outlined at the Heads of State and Government meeting of 29 June. He also noted that member states should move quickly to implement this policy. That is the position.

On the general effect, the Deputy used words to the effect that last night's statement represented a major démarche by the three countries in question. The markets are not taking it that way. Irish bond spreads went out by 20 basis points today. Given that they can rise by ten or 15 points in a normal day, 20 basis points is not an extreme reaction by the markets. Spanish bond prices went out by 40 basis points, which is not dramatic for Spain because there is movement every day. It is not that what was said was irrelevant - it is significant and everything must be taken into account - but in the broader scheme of things, it was a statement issued following a meeting in Helsinki attended by three Finance Ministers.

Obviously we take note of it and it goes into the mix of negotiation. However, there are other views. The view outlined by the Commission is the view expressed by the Taoiseach here this morning. That is the official position of the Community. We will see how these matters work out as the weeks go by. The European decision-making process is always a bit untidy. Anytime one has to get 27 governments to agree, it never runs in straight lines. We must take the statement for what it is. It was made, we know what it contains and one can measure its effect as the days go by. So far today, it has not dislodged the Commission from restating the position as stated by the European Council on 29 June and the markets have more or less taken it in their stride. The markets move every day but the movement today was relatively small.

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