Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The statement by the three Ministers for Finance is just that - a statement by three, albeit influential, Ministers. The Irish Government was in touch immediately with the offices in the Netherlands, Finland and Berlin and the situation was that was a statement made by the three Ministers without reference to the Prime Ministers of the three countries involved. Departmental officials from the Department of Finance and the Department of the Taoiseach were immediately in contact and on a number of occasions since. The European Commission, the following day, was very clear in its statement of support for the position adopted on 29 June, as was Mr. Draghi of the European Central Bank and Mr. Martin Schulz, President of the European Parliament, and a range of other leaders.

The statement was a statement from the three Ministers for Finance, but it has no bearing on the decision of the 27 Heads of Government on 29 June that the link between sovereign and bank debt should be broken. That is the decision that was made, that is the decision that stands and that is the decision that must be implemented. Clearly, within that decision was a specific reference to a review of the debt sustainability of this country and that Ireland would receive similar and fair treatment in respect of deals for any other countries.

Clearly, in respect of the banking union, it is necessary for recapitalisation of the banks that it be set up. The first meeting of the ESM has taken place and the Commission has lodged its proposal for banking union. When I attend the meeting on Thursday and Friday, I will make that point very strongly. It is imperative for the citizens of the countries of the European Union that the decisions taken by the highest governing body of the Union, the 27 Heads of Government, be followed through and be seen to be followed through. That is an issue on which the Minister for Finance and officials from all Departments have been working diligently over the past period in addition to ongoing discussions on the legacy position as far as the promissory note is concerned.

Just because three Ministers for Finance of individual countries make a statement, it does not mean I must contact each of the Heads of Government. It was confirmed clearly to Ireland that the statement was not carrying the imprimatur of the governments of these countries. I intend to meet the German Minister for Finance when he visits Ireland shortly. The Minister for Finance has met him, along with other colleagues, in Paris, Rome, Berlin, as well as in Cyprus, to discuss these matters, and politically they are aware of the decision of 29 June and the importance of implementing it. I hope the meeting on Thursday and Friday can make good progress in this matter.

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