The European Union is willing to put as much money as needed into a permanent debt rescue fund for the eurozone.
EU leaders meeting in Brussels have agreed to rewrite the bloc's rule-book to enable the temporary, EFSF trillion-euro rescue fund to be turned into a permanent umbrella for governments needing financial help.
Taoiseach Brian Cowen joins other EU leaders for a two-day summit meeting in Brussels today to try to agree the next steps in tackling the eurozone debt crisis.
Mr Cowen is being accompanied by Minister for European Affairs Dick Roche.
Belgian Prime Minister Yves Leterme has said that 'although no immediate decision will be taken on the amount, there is 'a joint will to put in as much money as needed' in the future financial rescue system.'
Germany and other nations had so far resisted pressure, including from the powerful European Central Bank and International Monetary Fund, to boost the size of the European Financial Stability Facility that expires in 2013.
After bailouts for Greece and Ireland, analysts had warned the EFSF might not be substantial enough to rescue a large economy such as Spain.
The Belgian premier also said EU leaders meeting in Brussels would discuss over dinner a controversial proposal to launch joint eurozone bonds enabling economically-battered nations to borrow money at lower interest rates.
The Belgian Prime Minister said 'it is an idea that's gaining momentum, but a decision won't be taken in the coming weeks,' he added that 'so-called E-bonds are inevitable and will see the light one day.'
Germany and France have opposed the eurozone bonds, arguing that they would discourage ailing economies from taking the necessary measures to reassure lenders about their creditworthiness.
Meanwhile, the Irish Central Bank will have to pay €55m a year for the next three years to the European Central Bank to cover its share of the increase in capital for the ECB.
The Central Bank currently has €63.9m in share capital in the ECB.
This will increase to €119.5m by the end of the month.
There will be two further payments at the end of 2011 and 2012 as part of a €5bn increase in the share capital of the bank.
The 16 states of the eurozone will contribute some €3.5bn to this sum, with the non eurozone EU states including Britain being liable for the remainder.
However, most of this will be in the form of allocated but not paid up shares.
The Central Bank of Ireland makes a profit on its lending to Irish banks, which has increased dramatically this year.
