Dominic Hannigan (Meath East, Labour) | Oireachtas source

The potential instruments being brought forward include eurobonds, a European redemption fund and the new PADRE system, all of which were shot down one by one by our German colleagues at the conference. It seems there is a reluctance on the part of some of our colleagues in larger states across Europe to look at the idea of mutualisation of debts. They are very content to have consensus on the mechanisms we use, but we are being told that each country will have to stand on its own when it comes to dealing with the issue of national debt. I wonder whether the answer is to go down the road of selling our shares in Bank of Ireland and AIB, rather than trying to seek a consensus on recapitalisation that we just might not be able to achieve.

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