Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-13-Speech-4-175-000"
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"en.20140313.35.4-175-000"2
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"Mr President, first of all I would like to say that I voted for this report, and I was pleased to see support for the amendment that spoke of the potential conflict of interest as regards the ECB. Their current position is, first of all, as a technical adviser, but secondly, as creditor to the four Member States. There is definitely a potential for conflict of interest there.
However, I was very disappointed that a majority in this House did not support the amendment that would have seen a retrospective recapitalisation of the Irish banks through the ESM. We were promised in July[nbsp ]2012 by the European Council that it would break the link between the banks and the sovereign. This was supposed to happen in Ireland. My question is this: will we simply be denied this opportunity because of an accident of timing, since we were first?
The EU institutions were at that time stumbling around and very much in the mood to play the blame game. We have been told to be patient – to wait – but as we wait, debt is mounting, as are our interest payments. We have a ratio of 125[nbsp ]% of debt to GDP. We cannot wait any longer for the ESM. We voted for it in a referendum. It must be used to immediately recapitalise the Irish banks retrospectively."@en1
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