Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The Government has a particular ask in respect of our colleagues both in Europe and with the ECB and that is to restructure and re-engineer the level of the bank debt the country has faced. Patience is an important element of what we must do here. I agree that I would love to be able to come into the Chamber tomorrow and tell Members this has all been sorted out. However, the Deputy should believe me when I tell him it is neither as easy nor as facile as he attempts to put forward.

I can confirm that a great deal of work has been done and is ongoing in respect of the promissory notes with the European Central Bank, with a view to having the issue resolved before March next year.

Deputy Boyd Barrett is aware that the discussions were progressed yesterday in respect of the banking union requirement, a decision of the European Council, which can only take place once the legal framework allows that to happen. I hope it can be in place by January and that the discussions on that element of banking union and a supervisory element over the banks of Europe can take place. I hope the framework will come together during the course of 2013.

Tomorrow's budget will be presented on the basis of it being a challenging but positive step towards putting the country on a continued path for recovery, economic growth and opportunities for job creation. That will not happen unless we continue to understand that we must continue to make the country competitive and attractive to investment from abroad, where opportunities exist for credit to be available here and where people can avail of a facility to create jobs.

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