Justice Kevin Feeney (above) of the Referendum Commission was on RTE R1’s Morning ireland earlier with Cathal Mac Coille conducting the second part of a pre-recorded Q&A about the fiscal treaty.
It offered this intriguing exchange.
Cathal Mac Coille: “Just before we move on from the ESM. Philip McCardle asks ‘The funds from the ESM. Will they be used to bailout European banks?”
Kevin Feeney: “The purpose of the ESM fund is, the aim of the ESM is to try and ensure the financial stability of the Euro area so it is the governors of the ESM, or the ministers of finance of the countries that ratify it, that they will decide how the funds are used. It is inevitable, or all but inevitable, that part of the stability of the Euro area is interlinked with the stability of the banks within the Euro.”
(Sam Boal/Photocall Ireland)
The Irish Prime Minister Enda Kenny calls for the opening of the euro rescue fund ESM [European Stability Mechanism] for direct loans to faltering banks.
In an interview with the FTD Kenny said that he hoped to move into the discussion when the ESM contract and the fiscal pact had been ratified. Then the principles of ESM should again be changed.
Exclusive: Irish Prime Minister Calls For Modifciation Of ESM (Financial Times Deutschland) – translated.
Meanwhile: Banks Contributed Higher Deficit For Last Year (RTE)
(Laura Hutton/Photocall Ireland)
Seriously jarring stuff from NAMA Wine Lake:
Is it time to demand the Minister come to the Dail and make a statement justifying what now seems a bewilderingly stupid action, which has the potential to strand this country without feasible funding sources in 2014 unless this forthcoming referendum is passed? The July 2011 ESM Treaty made access dependent on fiscal discipline, but the Fiscal Compact now being put to the country goes far further in handing over sovereignty and control of our national finances to a Europe which, in recent times, has not shown itself to be particularly sympathetic to the domestic economic problems of this country. Maybe on 2nd February, 2012 Minister Noonan thought a referendum on the Fiscal Compact would not be necessary and that ratification of the Compact was a done deal. That would have shown serious contempt for the deliberations of the Attorney General, and would also have been incompetent. The Minister now has very serious questions to answer.
READ: What did Michael Noonan get in return for an agreement which may leave this country stranded without practical funding options from 2013? (NAMA Wine Lake)