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Kenny to fight for bank debt deal today

Thursday, October 18 11:38:42

Taoiseach Enda Kenny attends an EU Leaders' Summit in Brussels this evening where he will again put forward Ireland's case for a deal on Ireland's legacy bank debt and in particular Anglo's promissory notes.

Speaking at the European People's Party Congress in Bucharest, Romania last night, the Taoiseach said that banking crisis in the euro area is the "Achilles' Heel" of the euro crisis.

"We have to act to address what has now become the Achilles' Heel of the euro crisis--the ongoing crisis in the banking sector" Mr. Kenny said, noting that the link between banks and sovereign governments remains a barrier to job growth in many European countries.

"Our banking systems are pulling the euro zone and the single market apart," he added.

He said the planned European Banking Union will help break the "vicious circle" between banks and sovereign governments, and warned that there are only "weeks and months" to fix this problem and create a viable monetary union.

Ahead of tonight's meeting the Taoiseach said that he believed that the issues of individual countries should not be used as a reason for delaying measures to agree a bank deal, Taoiseach Enda Kenny told a meeting of European politicians today.

While Mr Kenny did not name particular countries, his comments follow reservations expressed by the finance ministers of Germany, Finland and Holland on a deal.

Mr Kenny repeated his call for the agreement of the 27 EU leaders on 29 June to be "carried through".