Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

No. You have an awful habit, Taoiseach, of deliberately misleading on what other people say. I said they could be restructured easily if the ECB agreed, which is a factually accurate statement. The fact that Mario Draghi and others are opposed to the restructuring is clear. What is not clear is the Government strategy for dealing with it.

When the 2012 promissory payment was converted into a sovereign bond financed by Bank of Ireland, the Government claimed it was a huge step forward. It was nothing of the sort. It converted a note whose interest was returned to the State into a long-term bond requiring interest payments.

Ireland does not want the ESM involved in re-financing the promissory notes. At the very least it wants the terms of the notes extended significantly. In light of what even the Taoiseach now admits were the unique circumstances faced by Ireland, which obliged the creation of the promissory notes, significant relief from these payments is the minimum we should be demanding.

The summit's other conclusions contain a long list of items which add up to very little progress. Regarding the future of the Economic and Monetary Union, EMU, a negotiating framework will be agreed in December by which time it is hoped the Taoiseach will finally have outlined Ireland's position for the future of the EMU.

In discussing measures to encourage growth, the summit produced a lot of high talk but little substance. None of the measures involved allow a stimulus which is in any way in proportion to the crisis being faced in many parts of the Union today.

Regarding the European Investment Bank, the expansion of its capital base is welcome. The fact that much of the potential new lending will go directly onto country's debt figures means it is of limited potential benefit. However, it would be welcome if the Taoiseach and the Minister for Finance outlined what Ireland is proposing to do to benefit from a share of the potential €60 billion in extra investment over the next three years.

This was a summit which mainly reiterated a general deal made in June but stepped back on a number of important areas. Uncertainty as to what exactly has been agreed remains, no matter what the Taoiseach and his press operation says and spins. When the new system comes into operation what will be the benefit to Ireland is unknown. Amazingly, what is also unknown is exactly what Ireland is asking for.

I suggest it is time to put aside the generalities and the constant over-claiming of every development. Now that we have a consistent story from the Government on the unique circumstances which mean Ireland should be helped, it must state clearly what it is looking for. What is the sustainable level of debt and what European assistance are we looking for?

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