Shane Ross (Dublin South, Independent) | Oireachtas source

When I grow a beard, the Ceann Comhairle will be entitled to mistake me for Deputy Gerry Adams, otherwise there is not much of a similarity.

Despite the IMF's reservations, the austerity economic policies continue throughout Europe. Nowhere was this more apparent than in Luxembourg yesterday when the ECOFIN Ministers met. What happened was something of a triumph for Europe, in that the ESM was launched. However, I suggest what happened was a source of humiliation for Ireland because the bank debt issue did not even make it onto the agenda. In view of what has been said about this issue recently, will the Taoiseach enlighten the House on whether it is a phantom bank deal we are encountering? Is it melting as the days go by? I do not know if the Taoiseach is aware of what Klaus Regling said yesterday when asked about the legacy debt, the issue in question. He was dismissive. He said: "This point has not even been discussed in any European body so far." Has the deal gone down the tubes? I know the Taoiseach will say the breaking of a link between sovereign and bank debt has been established, but where is the Irish deal which mainland Europe seems to be so keen on dismissing as not being on the agenda anymore? The breakthrough in June is now a non-event in October.

Will the Taoiseach address, in particular, what is happening with the two strands which appear to be hitting the buffers? One is the Anglo-Irish promissory note, on which the Minister for Finance, Deputy Michael Noonan, appears to have extended the deadline from October to March. The second, the recapitalisation of Bank of Ireland and AIB - sometimes known as the legacy issues - which we were promised after June has been postponed at least until a supervisory authority has been set up. That will not happen until next year. Therefore, is the deal disappearing? Is it a mirage? Is it vanishing before our eyes and something the Taoiseach has oversold but which mainland Europe is now disowning?

See this speech in context