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Dáil votes on EU/IMF bailout

New legislation providing for a radical restructuring of the banking sector will also come before the Dáil today.

Graffiti on hoardings in Ballymun, Dublin, following the EU/IMF bailout agreement.
Graffiti on hoardings in Ballymun, Dublin, following the EU/IMF bailout agreement.
Image: Niall Carson/PA Wire/Press Association Images

THE EU/IMF BAILOUT package to Ireland will be voted on in the Dáil later today.

Although Fine Gael, Sinn Féin and the Labour Party have all pledged to vote against the €85bn deal, it is expected to pass.

The government had said no vote was required to agree on the bailout deal, but a motion by Fianna Fáil backbenchers put it onto the Dáil agenda.

Minister for Finance Brian Lenihan insisted earlier this week that Fine Gael’s claims it could get a better interest rate have “absolutely no foundation”.

The Irish Independent reports that Lenihan said the terms of the bailout deal were agreed and “the interest rate is not negotiable”. He said that “compositional changes” could be made to the agreement after 2011.

Independent TDs Jackie Healy-Rae, Michael Lowry and Joe Behan are expected to support the government vote after voting with the government on the Budget.

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Legislation providing for a radical restructuring of the banking sector is also expected to be approved by the Dáil today, RTÉ reports. Fine Gael and Labour have indicated they support that legislation in principle.

That Bill allows for the winding-down of Anglo Irish Bank, the Irish Times reports, and introduces new rules for burden-sharing on global markets. It will also support Lenihan’s statement that AIB will not receive state assistance if it pays out staff bonuses.

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