Seanad debates

Wednesday, 5 May 2010

2:30 pm

Photo of Marc MacSharryMarc MacSharry (Fianna Fail)

-----and something that will be useful in coming years in building a fund for the capital investment programme and will give a worthwhile return to those in a unique position to invest money at this time. It is a positive step. It is important to acknowledge such steps, as there is plenty of negative news.

It is also important that we acknowledge the announcement that finally the Internal Market Commissioner is to investigate the ratings agencies, including Standard & Poor's which last week suddenly downgraded the ratings of Greece and Spain. That is another suggestion which was first made in this House. Senator Norris mentioned it. While I will not be supporting the amendment, I support the call for the Minister for Finance to come to the House when it is convenient for him to do so, although I hope it will be sooner rather than later, to allow us to discuss Ireland's support for Greece. The figure is not €1.5 billion but €1.312 billion, to be precise. The Minister has been specific in saying this measure will not cost the State. It will be done on a profit basis at best or, at a minimum, a repayment basis.

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