Brendan Howlin (Wexford, Labour) | Oireachtas source

As the Taoiseach has indicated, the national risk assessment identified risks in economic, environmental, geopolitical, societal and technological areas. There are significant risks in all of those areas now. The value of doing a risk assessment can be questioned at a time when the grounds are shifting with such speed and alacrity. The issue of Brexit was very much on the agenda when the overview of strategic risks was assessed. I would like to ask the Taoiseach about another strategic risk that is imminent. I refer to the implications for the stability of the euro and the euro area of the referendum that is due to take place in Italy in the coming days. It is feared that there may be multiple bank failures if the proposal of the Renzi Government in Italy fails. Prime Minister Renzi has proposed a constitutional change to the Italian Parliament's bicameral system that would significantly dilute the power of the Italian Senate. The Taoiseach will know that no risks at all are attached to seeking to dilute a bicameral system by removing a second chamber. If the vote in Italy goes as the opinion polls are now indicating, and if Prime Minister Renzi resigns as he has said he will do in such an event, it is possible that there will be a significant and immediate risk to the stability of the euro. The indebtedness of the Italian banking system is estimated to be €360 billion. The eight most vulnerable banks have equity deposits of €225 billion. What is the value of our national risk strategy when real risks present without much warning? Are there ongoing preparations to deal with the real potential risks that may arise in the coming days?

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