Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The objective was twofold. One element was making the decision that what occurred could never happen again in terms of breaking the link between bank and sovereign debt. As Ireland was the first and main negotiator of the arrangement, it is now a case of determining the best option for the Irish taxpayer. In other words, the Government has to make the decision in the best interest of the taxpayer. If one is to get back €10 billion or €15 billion from the direct recapitalisation and finds that one could get back €5 billion or €6 billion more by another option, one would choose the second option as it is best for the taxpayer. However, that is a decision the Government would have to make collectively at the right time and based on all the relevant information. That is why the game changer and the shift in European Council and ECB regulation took place.

I do not mind having a debate here on TTIP and its benefits. Obviously, the seventh round of discussions took place at the end of September and quite significant progress was made. There is a range of very difficult and complex issues. Is this important for Ireland? The United States is one of Ireland's most important trading partners, with exports reaching €18.4 billion in 2013. It is expected that Irish exporters will see a direct benefit from reductions in tariffs and other non-trade barriers to the United States. Obviously, the Department of Jobs, Enterprise and Innovation has commissioned a study, being conducted by Copenhagen Economics, on the specific benefits for Ireland, and the final report is expected before the end of this year. Perhaps we could have a debate on that here in the spring. At an aggregate EU level, trade in goods and services with the United States is worth €2 billion daily, almost 50% of global GDP. Studies have estimated the net gains from an ambitious agreement between the European Union and United States could amount to approximately €119 billion for the European Union and €95 billion for the United States, with 400,000 extra jobs across the 28 member states and a very significant boost to European GDP. When the report from Copenhagen Economics, due before the end of the year, is reviewed, I will be happy to have a discussion on what it means here in the spring.

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