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Tánaiste and Minister for Foreign Affairs and Trade, Eamon Gilmore, T.D. will underline the urgency of the EU’s work to sustain the economic recovery, increase employment and ensure stability in the Eurozone in his address to mark the conferring of an honorary doctorate on European Commission President José Manuel Barroso at University College Cork this evening.

The Tánaiste will point to direct bank recapitalisation as a key priority for Ireland:

“We need to reinforce the recent, hard-won and often still fragile stability that we have in the financial markets. Negotiations on Banking Union need to be completed. We need implementation of the Single Supervisory Mechanism and the Single Resolution Mechanism. And we need to have arrangements for direct bank recapitalisation. For Ireland in particular, this is unfinished business.

“All Eurozone Member States have an avowed shared interest in ensuring that mistakes and misconduct by banks can never again undermine the stability of the sovereign. This link must be broken. For all of this work, we in Ireland will look to the Commission as a key partner, a driver of reform, and a good friend.”

The Tánaiste will hold a bilateral meeting with President Barroso following the conferring ceremony.