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Dublin: 9 °C Wednesday 22 May, 2013

No date for when country will ‘re-engineer’ bank debt – Taoiseach

Enda Kenny said his government remained committed to negotiations to reduce Ireland’s banking debt.

Enda Kenny speaking in the Dáil today.
Enda Kenny speaking in the Dáil today.
Image: Screengrab

TAOISEACH ENDA KENNY has reiterated the government’s commitment to getting a better deal on the country’s bank debt by reducing the interest rate and lengthening the term of repayments but said he can give no date for when it will happen.

At Leaders’ Questions in the Dáil today, Kenny came under pressure from Fianna Fáil leader Micheál Martin and Mary Lou McDonald over Ireland’s banking debt following the weekend announcement of a bailout for Spain’s troubled banking sector.

Accused of going around “with his eyes closed”, of engaging in “spin” and failing to stand up for Ireland’s interests, Kenny hit back by saying that the government continued to engage in negotiations with the Troika over lessening the bank debt burden.

“Ireland’s position here is it continues to negotiate the complex position with the Troika with a view to having a re-engineering of our debt,” he told the Dáil.

“There’s a clear strategy, to continue to negotiate, where we can reach an agreement where that target can be achieved – lower interest rates, longer term.”

Addressing McDonald, he said: “I remind you that the IMF, the European Commission, the head of the European Commission, Commissioner Rehn have all stated that Ireland will continue to have support in the context of negotiations to reduce our debt problem and to bring this to a conclusion”.

Pressed on when Ireland could expect to have such a deal, Kenny responded that he could not answer the questions as negotiations were not completed.

“I can’t give you a date for that and therefore I cannot tell you,” he told the Sinn Féin deputy leader.

Kenny also expressed support for a European banking union, an idea suggested by the president of the European Commission Jose Manuel Barosso in today’s Financial Times.

The idea broadly includes all 27 EU member states submitting their big banks to a single cross-border supervisor with an EU-wide deposit guarantee scheme and a rescue fund paid for by a levy on financial institutions.

“I would be supportive in principle of a banking union” Kenny said in response to questions from Independent TD Shane Ross. He said that setting up such a process would be “less complex” than other measures.

Asked by Ross if the government had any preparations for the potential collapse of the single currency, Kenny said: “I wouldn’t venture t speculate on any of that.”

Read: Rehn ‘still hopes for Irish debt deal’ – while Spain’s bailout comes without budget rules


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Comments (57 Comments)

  • Kenny following the carrot on the stick. Be good boys & girls and we will reward you with a reduction in interest rates and a longer term. Expect agreement to be reached on the day Ireland manages to pay off the final installment and not before. Meanwhile in the real world Ireland will be passing over €1 billion to unsecured senior bond holders later this month. Remember Kenny claimed that he would be stopping that before the election. I wouldn’t believe a word he says anymore.

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  • Fine Gael are a national embarrassment at this stage. No stomach at all to play hardball with Europe. What a bunch of surrender monkeys. Europhile Lucifer Cretin, Bilderberg Noonan, Enda the Republic..sickening

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  • Enda Kenny said BLAH BLAH BLAH BLAH

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  • Are we surprised, spineless

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    • Enda Kenny is a liar !!

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    • The type of deal we are expected to get is one that will defer the payment of the promissory notes for a number of years.

      I am of the view shared by Peter Mathews that we will eventually have to default on the pro-notes however the practical question that no one has asked is WHEN to write them down?

      To write them down today would be a large credit event that would have very serious short term negative impacts on Ireland’s economy.

      Practically speaking I would take the deferral through negotiations and then hold off on the default until the first payment is due in a number of years time. This gives us time to get the economy back on track in the meantime.

      Since we are out of the markets for the time being, there is no cost for us to wait.

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  • Roughly translated to; we’re spoofing on everything and have no idea what we’re doing and there is not even a proposal put together, therefore, we can’t give you a date for the production of something that merely exists in our now fully exercised and vivid imaginations, sheesh like, come on, cut us some slack, sher I rang headmaster Merkel for ye the last day, aren’t ye happy with anything?

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  • Still can’t understand why he’s so cagey; considering how willingly the Coalition shared sensitive Irish Budgetary info with the German parliament a few months back, you’d think he’d be willing to answer direct questions from the Opposition about the country’s finances.

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    • Fagan's 12/06/12 #

      While it would be fair enough to blank Micheal Martin for his role in betraying our country, he certainly could have answered the questions from the rest.

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    • Well, like it or not (& I’m getting the impression you don’t…) Micheal Martin is the democratically elected Leader of the Opposition & put the question to the Taoiseach in the Dáil…

      Nonetheless Fagan’s, me oul’mucker, it’s fair to say that we’re both agreed in our complete confusion at Enda’s reticence in answering questions on this issue. He had the same inexplicable unwillingness to answer direct questions in the Dáil about his initially much-lauded phonecall with Frau Merkel.
      Beggers belief & I just can’t figure it out.

      Reply
  • B7584 12/06/12 #

    Edna Kenny has NO intention of getting anything for ireland, he doesnt have to. Everything Edna Kenny wants, he has already. He and every other TD are all well comfortable, us mere mortals are the ones suffering & will continue to suffer. The absolute SHIT we’ve to put up with wouldnt be tolerated in Greece or Spain & out our government know it. Shut up and take your medicine, I have more empty spin to be dishing out. The man is a joke, wouldnt debate the treaty but wasnt long finding his voice again once the result was out. WE ARE BEING LED BY A COMPLETE TURNIP.

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  • Waiting for someone else to get a better deal that we can piggyback on and then claim credit for negotiating , is the Govt’s only plan. Pathetic!

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  • mart_n 12/06/12 #

    Asked by Ross if the government had any preparations for the potential collapse of the single currency, Kenny said: “I wouldn’t venture to speculate on any of that.”

    He wouldn’t venture to speculate on whether or not the government have any contingency plan in place? Does the man even realise the garbage spilling out of his mouth? He’s an utter clown. I wish he’d just FOAD

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  • No date – no plan – no courage – no conviction – no clue. No bloody use.

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  • any date for when your going to resign?

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  • Psychic hotlines have more credibility at this stage.
    When are we going to face up to the fact that we are not at the centre of Europe and never will be. We are being further enslaved while this Gov still seems to think the EU gives a toss about periphery countries like ours.

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  • Fine Gael as the party which supports neoliberal politics with great enthusiasm, has no desire to to get a deal on the banking debt. They believe that savage cuts to public services, privatisation of state assets and the socialisation of private debt are a good thing for the economy, and being part of the Troika deal allows them to carry out this experiment with the political safety net of blaming the Troika.

    Labour is led by a man who has made a career out of diluting left-wing politics and betraying the working class for his own gain. He has surrounded himself with like-minded neo-liberals who are more concerned with attacking genuine Left-Wing parties, than supporting the people.

    In fairness to Fine Gael, everyone knew what they would do, everyone knew they backed the consensus for cuts. But Labour portrayed themselves as the stalwarts of the people who would keep Fine Gael in check. It was all about “Team Gilmore” demanding “Labours Way”. But they happily engaged in the Fine Gael hackjob of this economy.

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    • Pithy summary there Antoine. Apolitical myself, but there’s an old country saying ‘FG always kicks the sleeping dog and then wonders why it bites’ and I honestly expected more from FG/Lab than ‘more of the same’. Word from many die-hard Labour supporters is they feel all the Labour beliefs have been sold out and surprise surprise, SF are looking quite presentable in some lights.

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  • Popular rebellion!

    Let’s bring democracy to Ireland!

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  • You want to speed up the process Enda, get on the blower to Merkel and tell her unless the bank debt is re-negotiated and re-structured to make it fairer to us, we will be defaulting at the earliest possible opportunity. See how quickly we get more favourable terms then.

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  • aw well , at least the weather is good and we have an easy match tomorrow…………. oh , you have to laugh at this stage …..whst the lotto tonigh?

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  • Paul 12/06/12 #

    An incompetent spoofer. He hasn’t a clue what he is doing. Someone give that man the whiskey and revolver soon!

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    • Fagan's 12/06/12 #

      If we keep calling him an incompetent spoofer, he might be offered a job in the EU or ECB.

      Reply
    • Paul 12/06/12 #

      Lol. I’m not really sure if he is that lacking in smarts or if its all an act. Bertie played the harmless fool card and look what he got away with. Maybe our dear leader is playing that card or then again maybe not!

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    • HE’S far from an innocent spoofer he’s executing the plan perfectly ..Bertie was giving the money to lure us in and it was always a cert the the bubble would burst farty Cowen was made a scapegoat and Enda the fright in shining armour rydes in to save the day with a former apparition of a leftwing party Labour to keep him in check.This was planned along time ago and all the major partys did there part to make us once again subservient to a larger power ..Implementing a plan is easy when you can be making the people believe one thing whilst they are secretly working on something completely different classic smoke & mirrors .Enda is no fool he’s a traitor and a sociopath but he’s been trained well by his German masters its the majority of electorate that are the fools MAY31ST PROVING THAT YET AGAIN .Enda Kenny & the rest of them dont care about future elections they are already sorted at the expense of us & im sure they’l all retire into the private sector and probably have a hand in screwing over people yet again..The people of Ireland will change this country & no one else..

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    • Brend – delusional paranoia.
      Grow up or get treatment.

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  • We needed a fighter. We got a coward and a liar.

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  • Lamb 12/06/12 #

    Enda better realise that we put him in office to do a job. If the government doesn’t start delivering, we won’t be electing his party back to power the next time round… if the public and the opposition don’t force a general election before then. He is on the clock and we will only pay for results.

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  • Shockin’ to say but Enda Kenny is about as credible as the Euro – It’s a wonder he’s not avoiding leaders question time.

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  • Jesus I cant wait for this Euro to collapse, they are just prolonging the inevitable!

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  • Spot on joe!!! Same as that here. Get rid of the euro and start a fresh. Get back to real Irish values and community spirit. Maybe if we fight hard enough we might obtain some real democracy.

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  • Why has Enda Kenny not cut his pay? Why is the Croke Park Agreement still bleeding this country dry, putting us further into hoc?

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  • We need to start playing hard ball. We need to threaten with a disorderly default which will have a detrimental affect on the euro. It’s time to stop being pushed around.

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  • Fcuk off Enda ! extend repayments making it dearer! write it Fcuking off, we can never pay it back you bloody blivering vegetable!!

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  • No date set for when Enda will finally grow a pair either

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  • He might get a deal when the Euro collapse. Then he will spoof they knew it was going to collapse and we were going default so they didn’t bother asking for a deal. The usual crap.

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  • I see people talk, I see people chatter about the government all critique their “work’. Yet I cannot fathom for even a second why are the Irish people not out on the streets shouting, demanding their rights back. Demanding what is theirs and stoping this monstrosity and circus of a government. Perhaps as others have said in Greece or Spain this would have never passed by. Irish people and all people in this country as all laws affects us should be more vocal and show our zero appreciation for the current government actions. Passiveness, pointless giving out with the neighbors and letting this fix them selves would not resolve anything in the current situation! People should decide whether they wish to be the sheep in the hurd or the stewards leading the way.

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  • Kenny hit back by saying that “the government continued to engage in negotiations with the Troika over lessening the bank debt burden” just a shame then isn’t it that he’s such a crap negotiator ! The way he’s dancing to Angela Merkel’s tune he’ll be trying to replace the Irish national anthem with the German one..

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  • did anyone read the headlines of the English newspapers today, you SHOULD do.

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  • no response means you’ve all run off to find an English paper, ok , I’ll be back shortly.

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  • Gagsy 99 12/06/12 #

    Yeah he’s such a fool- why won’t he just negotiate in public like nobody else does?

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  • That means never

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  • VOTE YES FOR JOBS AND STABILITY

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  • Enda kenny is a liar, traitor and for his hero Michael Collins he is the same or worse than a murdere, he is a man killer human being and was a British spy for Britain, British heros of Michael Collins, this man wants to change our constituion from 1937 to abolish the indepence of Irish citizen, Cameroon had words with mr kenny to run our country the way he runs britain and to get full power and control over the Irish people, a d not have them dictating to enda, and e da wants to cast off develara who gave our rights and indepence fepreedom, the lies this man has made about develara, he wasn’t the British spy I have his book I got in a second hand shop a few years ago, mr develara fought for our country and he found out that Michael Collins was an informer to British spies so he told the other leaders of micheal Collins and had him shot, there’s the real story, why do you think this government and Britain and USA wiped the history out from wikepidia and encyclopaedia all you see is British, USA and all the other Irish history has been delleted, luck enough I have the Irish history of all including Griffith, Patrick pears and Thomas clarke, etc, Bruce Arnold is also the indo boss of Irish independent another British spie, they hired some of your media like Myers and them all British to keep an eye on your comments and all you say, some of your comments are read by Irish Gov, Brits, USA, so be careful what you say, and don’t trust indo or Irish times , all working for their master spies,

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  • What’s taking the time Enda ? Pick up the phone to Europe and tell them we’ve no moral rhyme or reason to be taking on private debt. But will you listen? The only way we will get this ruinous individual and his kind out of office, is for us all to get together and run the show ourselves

    Reply

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