Enda Kenny (Mayo, Fine Gael) | Oireachtas source

A number of loan books have been sold and those who have bought them are voluntarily complying with the Central Bank's code of conduct. In respect of recapitalisation, the decision was made by the European Council in 2012. A number of discussions and detailed negotiations have taken place to put all the pieces of the jigsaw together. The option is open to the Government to consider this towards the end of this year. The supervisory mechanism and the other elements of that have now been put in place, principally driven by Ireland as the country that was mainly the focus in this regard. That work proceeded during the early part of this year and is now practically complete. The Government will consider towards the end of the year whether it wishes to pursue its claim in that regard. It is an option that remains on the table.

I would have thought the Deputy would have welcomed the decision arrived at by ECOFIN and the Eurogroup in respect of approval for Ireland to buy out IMF loans that were borrowed at much higher interest rates than we can currently secure on borrowings. The process is that the individual parliaments give their approval, and we hope that will be forthcoming following the agreement of ECOFIN and the Eurogroup. It is very much in the interest of our country.

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