Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

I welcome the opportunity to urge the Minister of State to guide us on some of the finer points. Was there any discussion last week on the ESM and the retrospective funding of our pillar banks? In June of last year, a decision was taken at Council level to break the link between sovereign debt and the banks' debt in terms of capitalisation. We were told at the time that the Taoiseach had negotiated extensively and was successful in that regard. A formula of words was arrived at that could mean anything and which has meant very little. There is still no flesh on the bones of the notion that the ESM or ECB will provide any funding in recognition of or to compensate the Irish sovereign for the moneys put into Bank of Ireland, in particular, and AIB. At the time in question, the measure was hailed as paving the way for that to happen. Commentators from other countries and some of the soundings from other parliaments indicate that the ESM will provide facilities only in the event of a future requirement to shore up the capital reserves of financial institutions across the Union. Can the Minister of State help us in any way in clarifying the position on any effort to recompense the State for the decision that had to be taken?

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