Fidelma Healy Eames (Fine Gael)

The Minister of State is welcome. He gives much of his time in this House, which we appreciate. I welcome the Bill and the establishment of the ESM, and during the course of the treaty referendum campaign it was the key selling point of the treaty, even for me. It is another piece of the puzzle in stabilising our currency and the Irish and eurozone economies in order that we can get on with the business of growth. We know this will not be the panacea for all our problems but last week it was said we have a week to save the euro. It is a concern.

I read in the The Wall Street Journal that there is speculation that the ESM will not meet its effective lending capacity of €500 billion due to the fact that countries like Spain, Greece, Portugal, Cyprus and perhaps even Ireland cannot possibly meet the required contribution to the fund. Figures from that newspaper a few days ago suggest the ESM might have a lending capacity closer to €420 billion. Will the Minister of State comment on that? We are all tired of relying on market reactions - the markets have too much power - but the reaction to the ESM being launched with such a shortfall might be dangerous for the eurozone. Germany is unlikely to contribute the balance to the fund due to the effect it will have on that country's bonds, and another potential problem is that investors may not be quick to invest in the bonds guaranteed by countries whose own bonds trade at unsustainable levels. The Minister of State might comment on those issues. Despite the fact we are in shifting sands all the time, we need to ratify the treaty even if markets react badly at the launch. This is the safety net we need for confidence, and its lending capacity will still meet the eurozone's needs, despite the problems I mentioned.

Is there a maximum figure that Ireland can draw down from the ESM fund and is it based on input? Are there limitations on what the money can be used for? For example, could the money be used for investment in youth and employment or as a jobs stimulus? I share concerns about the secrecy and immunity from prosecution or law for the governors of the fund. Despite the comments of the previous speaker, these are elected officials, as they are Ministers.