Maurice Cummins (Fine Gael) | Oireachtas source

Senator Daly raised the question of Greece, as did many other Members. Ireland's policy is to ensure that a viable and sustainable solution is agreed. As part of this, it is essential that Greece has the funding required to support its banking system. As the ECB governing council has been required to increase funding to support the Greek banks and economic system, there is concern as to how long this can be sustained. Reaching an agreement on a way forward for Greece will create certainty for the Greek people and secure their future. The eurozone has an obligation to Greece in this difficult times but Greece has an obligation to itself. It certainly needs to reform the economy and return it to sustainable growth, which is not the case at the moment. I assure the House that together with other member states, Ireland understands and empathises with the difficult situation faced by the Greek people. This is why there has been a willingness to negotiate a way forward which takes account of the realities of the situation in Greece and the political priorities of its new democratically elected government while also respecting existing commitments. It is a very delicate balance but I take what Members are saying on board, particularly Senator Quinn on democracy. It is very important that democracy is upheld and everything possible is done to solve this problem. We all know how badly the Greek people are suffering.

Senator Daly spoke about light touch regulation. I thought that came in under the previous Government. Did the previous Government have "no touch" regulation in respect of the banking sector? I would not comment too much on that where Fianna Fáil is concerned.