Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister of State for his response. I urge the Government to use the EU Presidency to ensure this happens and that we will not have a repeat of this being stated, as happened 18 months ago, but never being delivered. Since the time it was agreed that we could draw down money over a 30-year period we have drawn down money for as short a period as three years. It is clear that implementation is key. I call on the Government to ensure this happens as quickly as possible, and also to ensure we follow through on the thrust of the June summit in 2012 , which was that the vicious circle between the banks and the sovereigns would be ended. I want to see that done for the promissory note and the potential use of the ESM to relieve some of the burden of the investment in the banks by the State. I urge the Government to ensure we examine the arrangement in its totality and that there is an overall package that makes our debt position more sustainable which will help the country ultimately to exit the programme, get back on the markets and help to develop a more prosperous economy.

See this speech in context