Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The Government is in discussion and negotiations with the European Central Back about the question of the promissory notes. As has been outlined by the Minister for Finance, the next payment is due in March 2013 and the Government does not wish to be obliged to pay that. At the other end of this issue, I note the European finance Ministers yesterday did not reach agreement on putting in place the legal framework for the banking union and its supervisory capacity and that a further meeting has been scheduled for next week. Deputy Ross is well aware that one cannot have these discussions unless one has a legal framework in which they take place. I hope this can be achieved before the end of the year at the meeting to be held next week. As I outlined yesterday, the Greek situation is different than that of Ireland. We will exit our programme in 2013 and the Government is in discussions with the troika about what might be appropriate in respect of the nature of that exit. Greece will still be attempting to get its debt-to-GDP ratio down to 124% by 2024, whereas Ireland will exit its programme next year. In itself, this will add an attractiveness to this country as a location for continued investment and job creation. However, what the Government would regard as being fundamentally helpful to Ireland, and what it is in discussions on and pursuing with the European Central Bank, as well as at European Council level, is the question of sustainability arising from the bank debts that were put on the backs of the taxpayers. The Government continues to deal with that in a serious manner.

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