Enda Kenny (Mayo, Fine Gael) | Oireachtas source

I agree that the reaction from Europe was not as expeditious or as energetic as one would wish when the economic crisis first began. The tools that are currently available to deal with it were not in place at the time when this country went over the edge. The situation is very different now. I have said this publicly on other occasions. Decisions have been taken at the European Council, since I became a member, in which there was very little faith or belief. This was reflected in market opinion the day after many of those decisions were made. The attitude has changed now. The European Council mandated the Ministers for finance to look at the question of the architecture of the single supervisory mechanism. Their proposal was put forward before Christmas and endorsed by the European Council. Far from the talk of the demise of the euro and countries being thrown out of the European Union or leaving the euro, the prospect is very different now. Ireland is making steady progress - under challenging conditions, admittedly - towards exiting the programme in 2013.

Deputy Martin referred to the banking union. An agenda on banking union is being followed through by the Ministers for Finance. It is hoped they will report in June on that architecture. Some time at the back end of this year or early in 2014, the banking union single supervisory mechanism will click in. The working group set up by the Ministers for Finance will report next month on the issue of an extension of the maturity of loans for Ireland and Portugal, as was given to Greece. It is hoped that progress will be made on that matter.

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