Bernard Durkan (Kildare North, Fine Gael)
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To ask the Minister for Finance the progress that continues to be made arising from and in the wake of the recent EU summit with particular reference to the various issues identified as being fundamental to future fiscal and economic stability throughout the Eurozone and the EU in general; when he expects to be in a position to avail of any benefits accruing from this country’s perspective; and if he will make a statement on the matter. [33664/12]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, on June 28 and 29 Heads of State and Government confirmed their commitment to ensuring the integrity of the euro area and agreed on important general principles for achieving this, notably by breaking the link between sovereigns and banks. The ensuing positive market reaction would indicate that these agreements were perceived as substantial. Furthermore, important steps have since been taken and continue to be taken at the European and Member State level. Since then, Ireland's spreads have reduced considerably. This indicates that Ireland has already benefitted from these measures, with markets appearing to take heart, in particular, over commitments to specifically further improve the sustainability of Irish debt under its well-performing programme.

With President Draghi's August announcement that the ECB stands ready to do whatever it takes within its mandate and the Outright Monetary Transactions announcement last month, the ECB has played an important role in further boosting market confidence. A marked improvement for Irish spreads ensued and, with opportune timing, Ireland successfully returned to long-term capital markets at this time. This confluence further underlines the credibility of Irish debt sustainability and the relevance for Ireland of the measures taken since June 29.

Finally, let me mention that the general improvement of market sentiment and return of confidence is crucial from an Irish perspective. First, after some disappointing European and global data in the first half of 2012, the uplift in global and European confidence should lead to higher demand for Irish exports, which are driving our recovery. Second, a sustained reduction in borrowing costs for the sovereign should eventually filter through to the rest of the economy. Of course, Ireland has taken important measures in order to regain market confidence. Continuation along this path will be important for markets to continue to be reassured about Ireland's prospects. So, Ireland has already benefitted from important measures taken since June 29 and we expect further improvements as measures continue to be taken at the Member State, including in Ireland, and European levels.