Enda Kenny (Mayo, Fine Gael) | Oireachtas source

In respect of bonds and interest rates, I do not have the information about the current position of that discussion. I will advise the House when I do.

With regard to the European budget, there was a range of issues involved for the 27 member states. Some wanted Cohesion Funds, some wanted Structural Funds and some wanted serious cuts in administration for the Commission. There was a genuine feeling among contributor countries that there should be a cut in the European budget. The point made was that as every government is required to cut back seriously, there should also be a cut back in the European budget. The point of argument was how far that should be. The European Parliament, European Commission and European Council had their own views, while contributor countries such as the Netherlands, Sweden, Germany and Britain had their views.

In the initial discussions that took place before Christmas there were 14 or 15 vetoes on the table because of the requirement in that regard. That meeting was suspended until the European Council met again to consider the matter. There was a great deal of discussion about how far it was possible to move from the positions that had been adopted. When the Prime Minister, David Cameron, and others made their views known there was an acceptance that one did not want a pyrrhic victory of the European Council saying that a budget had been agreed because at the other end of the equation it required the support, approval and consent of the European Parliament.

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