Clause 1 — United Kingdom loans to Ireland

Part of Loans to Ireland Bill (Allocation of Time) – in the House of Commons at 4:45 pm on 15th December 2010.

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Photo of Philip Hollobone Philip Hollobone Conservative, Kettering 4:45 pm, 15th December 2010

That is exactly the danger. Under the present discussions about the permanent crisis resolution mechanism, the draft conclusions of the European Council state:

"Member States whose currency is not the euro will be associated to this work."

So the danger is that this Bill could be a precedent for the "Loans to Portugal Bill", the "Loans to Spain Bill" and the "Loans to Italy Bill", which may be just round the corner.