Mark Dearey (Green Party)

It is a pity a few more Members were not available to hear the presentation given by Professor Karl Whelan at yesterday's meeting of the Joint Committee on European Affairs in respect of the extremely intricate but very dynamic workings of the European Financial Stability Facility, the European Financial Stability Mechanism and the IMF loan. Professor Whelan discussed how these mechanism works and how they differ from each other in great detail. He also outlined the number of variables that exist in the context of the ultimate interest rates which may be charged.

The key lesson I took from Professor Whelan's presentation is that Ireland must be at the forefront of the discussion and debate on this matter in the coming weeks. I also gleaned from it that, as parliamentarians, we must have a full understanding of the opportunities that exist in the context of obtaining lower interest rates than those which were originally envisaged. I refer in particular to the interest rates relating to the €22.5 billion available under the European Financial Stability Mechanism. This is a complex matter but there are prospects with regard to having the interest rate relating to the mechanism reduced.

I regret that the proposed meeting involving members of the Joint Committee on European Affairs and the President of the European Central Bank, Mr. Jean-Claude Trichet, on Monday next in Frankfurt has been cancelled. I was looking forward — I am sure other members of the committee were in the same position — to making the most of the opportunity to which this meeting would have given rise. What has happened in this instance provides an indication of how the current instability is affecting the day-to-day workings of the Houses and, consequently, the lives of ordinary people. We should have taken the opportunity presented but we are no longer in a position to do so.

It may represent a break with convention, but the Seanad should debate the issue. The context relating to this matter is changing so quickly that Ireland cannot afford to be left behind in the period between polling day in the general election and the Seanad election. There is an onus on us to remain abreast of what happens in respect of this matter, particularly as the likely financial impact it will have in this country is of such import.

The core of the Climate Change Response Bill 2010——