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

The difficulty with Sinn Féin is that not alone does it predict failure on the part of the Government but it hopes the Government will fail because part of its strategy is to build a political movement on the prospects of the Government failing and people not getting any relief from the burden of the debt. That puts Sinn Féin in an awkward position when pressing its case. If it were to offer loyal opposition it would be wishing the Government success in having the burden of the debt removed from the shoulders of the Irish taxpayer and using all its influence to assist the Government in this regard. Instead, it wants to step into every little chink to ensure failure. Sinn Féin is not alone in this. Other Deputies also share that approach. By way of general comment, it is a pretty bad approach.

As regards what was said at the Heads of State and Governments meeting on 29 June, the statements reads: "The eurogroup will examine the situation of the Irish financial sector with a view of further improving the sustainability of the well performing adjustment programme." The following sentence reads: "Similar cases will be treated equally." This is where retrospection and legacy comes in. It is not possible to interpret similar cases will be treated equally. The issue being discussed was Spain and recapitalisation of its banks. As such, if Spain gets it then similar cases will be treated equally. This is where retrospection is hinged.

Deputy Doherty is probably not aware that on the night of the statement in Helsinki the Dutch authorities issued a statement clarifying what they meant by "legacy". It stated that legacy, in their interpretation of their statement, only applied to insolvent banks such as Anglo Irish Bank and not functioning banks. Banks that are functioning, as are our pillar banks, do not come within their definition of "legacy". Other clarifications were provided from other areas. The Deputy will have heard President Barroso's statement yesterday that the commitments of 29 June stood. President Schulz also stated in this House this morning that he supported the case that the commitments of 29 June be implemented in due course.

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