Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

The Minister for Finance, Deputy Noonan, is unable to be here as he is attending the Select Sub-Committee on Finance.

Ireland is on the right track. Since taking office, the Government has stabilised the banks, restored confidence in the economy, reduced unemployment and introduced fiscal reforms to improve the management of the public finances. It has made difficult decisions that it believed were necessary and has met all of the targets set by the troika programme. Ireland has worked hard to get where it is today and these efforts have paid off. We now have full independent access to financial markets. The absolute necessity for Ireland to have this access should not be forgotten. It provides us with finance to provide the essential public services we expect, social welfare payments and our health and education systems.

In light of the nature of the motion proposed it is important to put on record the actual legal position regarding the relationship between the State and the ECB. It should be noted that in carrying out the functions of the Central Bank of Ireland the Governor is subject to Article 7 of the ESCB Statute which provides that:

.....Neither the ECB, nor a national central bank, nor any member of their decision-making bodies shall seek or take instructions from Union institutions, bodies, offices or agencies, from any government of a Member State or from any other body. The Union institutions, bodies, offices or agencies and the governments of the Member States undertake to respect this principle and not to seek to influence the members of the decision-making bodies of the European Central Bank or of the national central banks in the performance of their tasks.

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