Ivana Bacik (Independent) | Oireachtas source

The Minister for Finance will come to the House this afternoon on Second Stage of the Finance Bill. Colleagues will raise the very worrying situation in Cyprus. The decision by the Cypriot Parliament sets down a marker that the people of Cyprus will not stand for the levy on depositors which was proposed. Senator MacSharry has placed undue emphasis on the Government. While it chairs the European Presidency, the Dutch finance Minister chairs the eurozone group of finance Ministers. I agree with Senator MacSharry, however, that a large part of the impetus for this particular deal and the levy on depositors originates in the concerns of the German electorate and Chancellor Angela Merkel's concerns about the forthcoming German election. It is the wrong way to plan any resolution to the eurozone crisis. Clearly, the deal must be renegotiated and better terms offered to Cyprus. The Cypriot finance Minister has travelled to Russia and there is a lack of clarity about the extent of investment from Russian depositors. Very different reports have emerged ranging from 20% to 50%.