Coghlan wishes Taoiseach continued success in bank debt negotiations with Europe

Government Seanad Chief Whip Senator Paul Coghlan, has wished the Taoiseach continued success in the on-going negotiations with our European colleagues on a fairer deal on our banking debt, after Mr Kenny appeared before the Seanad.

“In his address to the Seanad, the Taoiseach stressed two key points; the irreversibility of Europe’s currency, and the importance to break the vicious circle between banking and sovereign debt. This is a position the Irish Government has been pushing for some time, and we finally got recognition for our proposals when EU leaders agreed to take a difference approach at the end of June.

“I hope that the Irish holding of the EU Presidency in 2013 will bear further fruit. In the meantime, I know Minister Michael Noonan will be progressing negotiations aimed at reducing the burden on the Irish taxpayer, with an initial deadline of October for reaching an agreement.

“Since the collapse of Lehman Brothers in September 2008 and the subsequent worldwide crash, public confidence in the banking sector has been destroyed. Recent events involving Barclays Bank in the UK have done nothing to improve this situation. I strongly believe we should have a full banking inquiry in this country to look into a sector that needs further reform and greater transparency.

“I share the Taoiseach’s conviction that the euro currency will survive. The 17 Member States have such a vested interest that one must always ensure that whatever it takes, the euro survives. Our biggest challenge at the moment is re-instating confidence in the markets. From Ireland’s point of view, our bond yields have fallen dramatically over the past 12 months, helped in no small part by the promise of a better deal on our bank debt. I wish the Taoiseach every success in delivering for the Irish taxpayer in this regard.”