Support Ireland, Not The Euro

Mark Reckless MP speaking in the House of Commons during the Second Reading of the Loans To Ireland Bill on 15th December 2010


Mark’s speech was made following a series of questions in the chamber on the issue of the Irish bail out, starting with a question to the Prime Minister David Cameron during PMQs. These are set out below (courtesy of TheyWorkForYou.com)

Loans to Ireland Bill (Allocation of Time): Loans to Ireland Bill (15 Dec 2010)Mark Reckless: The package is described as a bail-out of Ireland, but it is important that we recognise that Ireland has not asked for the bail-out and that it is not the package that the Irish would have wished. Ireland and the IMF proposed to write down bank senior debt-that is, default on an element of that debt-because they recognised that it would be very difficult, although not impossible, for Ireland…

Loans to Ireland Bill (Allocation of Time): Loans to Ireland Bill (15 Dec 2010)Mark Reckless: All we are doing is passing on to Ireland the quarter per cent. or so of benefit that we gain by being a better creditor than the eurozone. Most hon. Members feel that we should help Ireland, but I agree with my hon. Friend that it is not necessarily helpful to Ireland to have a huge amount of extra debt on top of the great debt it already has. On that basis, I understand his point.

Loans to Ireland Bill (Allocation of Time): Loans to Ireland Bill (15 Dec 2010)Mark Reckless: Will my right hon. Friend confirm that, notwithstanding previous assurances, this loan will not rank pari passu with the EU funds extended under the mechanism, but will be subordinated to them?

Loans to Ireland Bill (Allocation of Time): Loans to Ireland Bill (15 Dec 2010)Mark Reckless: It is enormously welcome that this country is working with Iceland and Ireland to support them in these very difficult times. The Chancellor has mentioned the current 7.5-year swap rate; can he tell us how much higher it is than when he first announced our participation in this bail-out?

Loans to Ireland Bill (Allocation of Time) (15 Dec 2010)Mark Reckless: We may have heard one or two “Hear, hears”, and I am certainly someone who wants to speak on Second Reading, but let me make clear my appreciation for what my hon. Friend is doing. Any responsibility for the curtailment of time for Back Benchers should rest squarely where it belongs, which is with those on the Treasury Bench.

Oral Answers to Questions — Northern Ireland: National Asset Management Authority (15 Dec 2010)Mark Reckless: What assessment his Department has made of assets held by the Republic of Ireland’s National Asset Management Agency in Northern Ireland; and if he will make a statement.

Oral Answers to Questions — Northern Ireland: National Asset Management Authority (15 Dec 2010)Mark Reckless: Given the difficulty NAMA is having in managing these assets and the Republic’s already over-indebted situation, would it not make sense for us to take some of those assets off its hands, as consideration for financial support we may give?

Oral Answers to Questions — Prime Minister: Engagements (15 Dec 2010)Mark Reckless: The BBC reports that the German Finance Minister wants to set an interest rate to punish Ireland. Will the Prime Minister confirm that this country wants to help Ireland?

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