Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The object of the exercise which led, in the first instance, to the commitment at the Council of Ministers meeting on 29 June last is to examine the sustainability of Irish debt and to take action to make it more sustainable, even though that bit was not in the communiqué. That was then reinforced by the Taoiseach's meeting with Chancellor Merkel and subsequently with President Hollande in Paris, when both of them said more or less the same thing, namely, that Ireland is a special case in this respect because instruments were not in place at the time which are now available for the recapitalisation of banks and Ireland had to take it on its own shoulders. It stands to reason, if the policy is about ensuring the debt is more sustainable, that any benefit we get from it will be taken off the debt.

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