John Halligan (Waterford, Independent)
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106. To ask the Minister for Finance if he has had any discussions with his Cypriot counterparts on the possible implications for Ireland in terms of exports; and if he will make a statement on the matter. [15570/13]

Michael Noonan (Limerick City, Fine Gael)
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I interact with all of my EU counterparts as part of my regular engagement at EU level. My most recent engagements at Eurogroup and ECOFIN on 13/14 May were part of this on-going and constructive dialogue. At the last meeting, the Eurogroup issued a statement welcoming the decision of the ESM to approve the first tranche of financial assistance to Cyprus on Monday 13 May in the context of the macroeconomic adjustment programme agreed between Cyprus and the euro area Member States on 25 March and the MoU signed between Cyprus and the European Commission at the end of April.

The fact that an agreement has been reached is an important step towards the stabilisation of the Cypriot economy reflecting the Eurogroup’s unwavering commitment to preserving the financial stability of the euro area and its Member States. The euro area is one of Ireland’s main trading areas so any policy effort that improves the economic and financial conditions leading to a recovery in the euro area should have positive implications for Irish exports.