Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The position of the Fianna Fáil Party, which has been absolutely consistent from the very start, is that Ireland deserves a significant easing of the burden of bank related debt. Over the past two years, the European Union and European Central Bank have radically changed their policies towards dealing with failing banks. Today, states are able to close down banks and burn bondholders without the fear of contagion, which was the defining characteristic of the crisis from 2008 to 2010. The Taoiseach acknowledged this at a meeting with President Hollande in Paris last year when he stated it was the imposition of this policy by the ECB which prevented the burning of bondholders at that particular time. No amount of grandstanding can change that reality.

It was the absence of these policies by the European Central Bank and others which was directly and specifically responsible for the level of debt carried by the State and the State being pushed out of the sovereign debt market. The new and more pragmatic leadership at the ECB has perhaps been the most significant game changer in the past 12 months in relation to the eurozone at a wider level. I note the Minister for Finance, Deputy Noonan, is acknowledging this.

Mario Draghi has made a difference-----

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