Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The Deputy could easily have asked why I did not telephone them and mention this issue. The point is there was not going to be an interest rate reduction, a temporary bail-out mechanism, a permanent bail-out mechanism, a second bail-out for Greece, or the realisation of direct recapitalisation of banks by breaking the link between sovereign and bank debt. As the Deputy is aware those things do not happen just like that, there is a process that has to be gone through involving much detailed interaction with officials on all sides, but it is the leaders who have the responsibility to make the decision. The decision of 29 June was clear. I made that point to President Barroso when I met him but it is not the function of the Commission to implement it. However, the European Council which is chaired by President van Rompuy has to be seen to implement it. Clearly the decision of 29 June refers to a situation in Ireland which is a legacy debt involving issues that happened in the past. The decision of 29 June was not put in place to bail out a given country in ten years time; it was to break the link between sovereign and banks in order that banks could be recapitalised directly under a banking union with a supervisory role. In the case of this country, named specifically, it was not because a bailout might be required at some future date, it is because of the legacy issue that arose here and so far as my contribution is concerned, I want others to understand the crushing burden placed upon the backs of taxpayers by the incompetence of the party in Government of which the Deputy is a member.

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