Written answers

Thursday, 4 October 2012

Department of Finance

EU-IMF Programme of Support Issues

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
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To ask the Minister for Finance if, at EU Council Finance Ministers’ meetings, the need for recognition for the vulnerability of those member states in a programme or bailout situation has been recognised with a view to ensuring that individual Ministers do not jeopardise such countries and their economies for domestic political reasons; and if he will make a statement on the matter. [42525/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, Ireland’s implementation of the EU/IMF Programme has been recognised and indeed lauded both at the ECOFIN and Eurogroup meetings. There has been an all-round acknowledgement of our commitment to the Programme which has ensured that all the conditions have been met at each quarterly review. We too, repeatedly acknowledge the support we get from other member states. Of course it is in the best interests of Europe generally that those member states in Programmes do all in their power to implement the conditions of that Programme in order to emerge successfully from it. At the ECOFIN and Eurogroup meetings, regular updates are sought and given as to Programme implementation and Member States’ contributions are helpful and supportive. There is a very keen awareness, by Member States, of the difficulties faced by programme countries, and the efforts being made are well recognised and acknowledged.

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
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To ask the Minister for Finance the extent to which he has had meaningful discussions with his colleagues in other EU member states which, like Ireland, have similar debt problems with a view to achieving a consensus approach which ultimately will be of benefit to the entire European Union as well as the indebted countries; and if he will make a statement on the matter. [42527/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Ireland continues to be fully engaged in the process by the Eurogroup and Heads of State or Government on how the commitments of 29 June will be implemented. We are pursuing a diplomatic offensive which has included officials from my Department travelling recently to several capitals; my own visits to Paris, Berlin, Rome and onto the Informal Ecofin in Cyprus; and the Taoiseach’s meeting with several colleagues at the level of Heads of Government, including Prime Minister Monti, Prime Minister Rajoy and Prime Minister Samaras. The Heads of State or Government made two important decisions on 29 June. The first was to “affirm that it is imperative to break the vicious circle between banks and sovereigns.” The second was that “The Eurogroup will examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme. Similar cases will be treated equally.” The commitment to equal treatment is very important.

All our interlocutors agreed that the imperative is to move ahead urgently to implement all of the important decisions taken on 29 June. We continue to work within that framework to deliver the best possible outcome for the Irish taxpayer.

I would also add that on the margins of both the Eurogroup and Ecofin monthly meetings I actively engage with my colleagues on an informal basis. Such engagements with our European colleagues also take place at and around the various meetings at official level.

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