Loans to Ireland Bill

Debate between Peter Bone and Alan Johnson

Wednesday 15th December 2010 Commons Chamber

[Alan Johnson]

This may be news to the hon. Gentleman, but his party is in government now. As I said, my party ensured that we contributed nothing—not a penny, not a euro, not a drachma—to the Greek bailout. The Chancellor is coming before this House with a £6.6 billion contribution to Ireland, which we support, but the various aspects of the mechanism need to be explained and understood.

[Mr Bone]

The shadow Chancellor is on to something here. It is bizarre that less money is being taken from the €440 billion fund than from the €60 billion in the EFSM. Would he have encouraged the Government to vote against the use of that €60 billion?

[Alan Johnson]

We have the €60 billion fund, about which the hon. Member for Dover (Charlie Elphicke) intervened, and we have a second fund of €440 billion. I am simply pointing out—the public deserve to know this—that only 4% is coming from the larger amount and 37% from the smaller amount. I am curious about that, and we need to understand the logic of it.