House of Commons Debating Irish Situation - Live Feed

johnfás

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Osborne has just got to his feet to start the debate. Outlining the loan facility they are supplying/offering. Probably get more details from them than our own parliament.

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johnfás

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IMF to contribute 1/3 of the total with Europe contributing the other 2/3 of the cost.

UK will not participate in the Eurozone stability fund - However, they are involved in the European mechanism. EU will lend on behalf of all 27 member states, therefore a contingent liability will arise if Ireland defaults to EU.

However, they will also offer a bilateral loan in "britain's national interest". Ireland accounts for 5% of UK's exports - more than to Brazil, Russia, India and China combined. Only country they share a land boarder with - 40% of NI exports go to ROI. Banking sector also interconnected. Two Irish banks issue sterling notes in NI.

"It has helped us be at the centre of the discussions shaping the conditions" which are currently being discussed.
 

jackryan

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Disgraceful! We have the PM deputy PM and chancellor there and where is our parliament?
 

sport02

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Is it true he has told the commons, they have had discussions for weeks with the Irish goverment over a possible bailout?
 

johnfás

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It sounds like Osborne is being heckled by the Unionists - sounded from that part of the house but cannot be sure.
 

johnfás

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Alan Johnson has asked a question regarding European interference with Irish tax rates. He has also asked how they can incentivise growth in the Irish economy.
 

QuizMaster

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IMF to contribute 1/3 of the total with Europe contributing the other 2/3 of the cost.

UK will not participate in the Eurozone stability fund - However, they are involved in the European mechanism. EU will lend on behalf of all 27 member states, therefore a contingent liability will arise if Ireland defaults to EU.

However, they will also offer a bilateral loan in "britain's national interest". Ireland accounts for 5% of UK's exports - more than to Brazil, Russia, India and China combined. Only country they share a land boarder with - 40% of NI exports go to ROI. Banking sector also interconnected. Two Irish banks issue sterling notes in NI.

"It has helped us be at the centre of the discussions shaping the conditions" which are currently being discussed.
Wow.
They're tied to us like 2 rock climbers on the cliffs of Moher.
We go, they go.
 

H.R. Haldeman

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I wonder what the Republican Party make of this. The 14th Baron of Ballentaylor, County Tipperary telling the House of Commons that Ireland is a "friend in need" and that they'd be lending us some cash.

Humiliation piled on humiliation.
 

Asparagus

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Disgraceful! We have the PM deputy PM and chancellor there and where is our parliament?
Jaysus Monday is their day off (as well as friday)

is nothing sacred???
 

Scipio

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Both sides of the House broadly in agreement on a loan so it seems like a done deal.

A striking humiliation for the Irish government.
 

DCon

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I wonder what the Republican Party make of this. The 14th Baron of Ballentaylor, County Tipperary telling the House of Commons that Ireland is a "friend in need" and that they'd be lending us some cash.

Humiliation piled on humiliation.
Someone should write a ballad about the British Bailout of Ireland.

Teach it to Cowen. He can spend February 2011 to the day he dies singing it while he props up the bar in his brother's pub
 

holymoley

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Never thought the tories would be telling us what is going on in our country. Somebody should probably tell them there's a good chance their loan to us will end up in NAMA.
 

johnfás

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Corporation tax: "Well known this has been subject of discussion in some capitals, but not here. We believe capitals make their own decisions... this should be a decision for them to make [how that package is composed] provided the International Community is satisfied it is credible and I am sure it will be"
 

Asparagus

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They should give us the 7 Billion directly - we could then buy british goods and services with it.
i'd do all my xmas shopping in the north.

It'd be safer than giving it to brian lienehan - he'll just give it to chopper
 

mmclo

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He's talking about the loan in the past tense. "I thought it prudent to agree this loan". He implies the bilateral deal is done!
 


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