Cox: One chance only to get banking numbers right
Former President of the European Parliament Pat Cox has said the stress tests being carried out on Irish banks are "the most important judgment call on numbers that has ever been made in the history of the State".
He said the Government had this one chance - "and one chance only" - to get the numbers right.
"These stress tests (and) the credibility that rides on them and the consequences they will carry make them perhaps...the most important judgement call on numbers that has ever been made in the history of the State," he said.
"We better get the numbers right this time."
A spokesman for the European Commission agreed it was essential for the future of the Irish economy that the stress tests on the banks delivered an extremely accurate picture of their situation.
Behind-the-scenes talks continue on securing a cheaper bailout deal for Ireland, although Portugal is set to dominate the official agenda on the second day of the EU leaders summit in Brussels.
Ireland's concerns will be addressed after the results of the banking tests are announced next week.
Speaking in Brussels this morning, EC Spokesman Amadeu Altafaj Tardio said the health or otherwise of the banking sector had a "decisive impact on the public finances", so the banking stress tests were "very important".
However, he endorsed Ireland's compliance with the terms of the bailout programme to date.
"We are satisfied with the progress achieved. We have no reason to think the situation will derail at all," he said.
