Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The mandate given to the Finance Ministers and the Eurogroup is to go through the process by which that will happen and then to set down the conditions that will apply. The ECB, as a central supervisory authority here, will have to do a mountain of work in terms of systems, personnel and all of the questions that need to be asked and answered about the process and how it will actually work. The decision in June was that once the banking union and the supervisory mechanisms are in place, bank recapitalisation can follow. All of those areas and all of the legitimate questions that Deputies asked here are part of the discussions and negotiations that will take place at finance minister level from now until this becomes a reality.

What do we want for Ireland? Deputy Donnelly gave a range of figures which are already in the public domain. We want to get the very best deal for the country and for our people. It is not possible to put a figure on that. Clearly, this will emerge during the course of detailed discussions and negotiations. We want the very best deal we can get and I am sure that everyone, no matter what his or her political affiliations, wants the same. We must try to get the maximum we can. However, as Deputies are well aware, when one is sitting around the table with 26 others, a wide range of views and very strong opinions are expressed. It is important that when the banking union and supervisory authority are set up, they work effectively and to a high standard. This is a major undertaking and we must get it right.

Do I consider that this debt is sustainable? I consider that it is very unfair on our people, who have been meeting the demands upon them for some time. In terms of the sovereign and bank debt, what we are trying to do is ensure that the mandate given to the Eurogroup works itself through to the putting in place of the legal framework and then that the conditions, modalities, organisation and mechanics of how this new banking regime will work are agreed. All of those questions are on the table for discussion and negotiation.

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