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Measures agreed included the improvement of loan conditions, particularly for Greece, but also with regard to Ireland’s current situation.

The measures announced provide for the possibility of the overall debt burden being reduced by allowing the EFSF to buy Government bonds in the secondary debt markets. Senator Daly is calling on the Government to clarify if this option is available to Ireland, and to pursue it if possible, and also to clarify whether the interest rate cut will only apply to funds under the EFSF. Ireland is borrowing approx. €17.5 billion under the Programme of Financial Assistance agreed with the EU / IMF, which is only a quarter of the total amount being borrowed under the Programme (€67.5 billion)

Senator Daly agreed that while the reduction in the interest rate is to be welcomed, albeit coming over four months after the Eurogroup Heads of State first agreed to the cut.

However, Daly expressed concern that CCCTB may cast doubt on Irish inward investment opportunity, and Ireland’s rate of corporate tax was instrumental to our economic interests. Taoiseach Enda Kenny, whose government now appears actively engaged with CCCTB, previously described it as ‘tax harmonisation through the back door’.

Daly supports Deputy McGrath’s call for the draft agreement tabled by President Van Rompuy at the March 11th summit to be published immediately, and hopes that the latest measures coming from Europe will strengthen Ireland’s position in the economic marketplace.