This statement has just been issued by the Department of Finance...
Minister for Finance comments on the statement by the Finance Ministers of France, Germany, Italy, Spain and the UK
In response to the above statement the Minister for Finance said:
I welcome the solidarity shown by our EU partners and the G20 with Ireland.
The clarity provided by the EU Finance Ministers of the G20 is most welcome. The Statement makes it clear that any potential private sector involvement in that mechanism does not apply to any outstanding debt and any programme under current instruments. Any new mechanism would only come into effect after mid-2013. So this would have no impact whatsoever on the current arrangements.
Our EU Partners have confirmed their full confidence in the budgetary strategy being pursued by the Government.