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Taoiseach Brian Cowen, along with the leaders of the Opposition, will make statements in the Dáil this evening on financial stability.

The new addition to today's Dáil schedule will allow for ten-minute slots for Mr Cowen, and for Fine Gael, Labour and Sinn Féin.

The title of the discussion is 'Statements on financial stability development in Ireland and elsewhere'.

It is due to take place following the Order of Business, which usually finishes around 5pm.


The statements will be made as Ireland's debt crisis is expected to be discussed by eurozone finance ministers who are meeting in Brussels.

Speaking ahead of the meeting, EU Commissioner for Economic and Monetary Affairs Olli Rehn said the International Monetary Fund, along with the European Central Bank and the European Commission, are in discussions with the Irish authorities to find a solution to the 'serious problems' within the banking sector in Ireland.

Mr Rehn said Ireland was well funded into the middle of next year and the real problem was in banking, which he said were interconnected.

President of the European Council Herman Van Rompuy has said the European Union will not survive if it fails to overcome the eurozone debt crisis.

Also speaking in Brussels ahead of today's meeting, he described the situation as a survival crisis, although he added he was confident that this would be overcome.

'We all have to work together in order to survive with the eurozone, because if we don't survive with the eurozone we will not survive with the European Union,' he said.

Minister for European Affairs Dick Roche has urged EU finance ministers not to 'panic' and said there was no need for his country to trigger international support mechanisms.

He told BBC Radio 4's Today programme: 'There's no application for IMF or EU funds and it's not helpful to speculate.

'I would hope that after the meeting this afternoon there would be more logic introduced to this. There's no reason why we should trigger an IMF or EU-type bailout.

'There is a problem with liquidity in banks but I don't think the appropriate response to that would be for European finance ministers to panic.'

Elsewhere, a Government spokesman has denied that Minister Roche told an ITV journalist that an Irish bank bailout would be announced tomorrow.

In further tweets, ITV's Daisy McAndrew confirmed that the minister had said a resolution was more likely tomorrow than today and that he would favour a banking solution not a sovereign one.

Brussels meeting

Eurozone finance ministers arrive in Brussels this afternoon amid an atmosphere of anxiety and some discord.

Minister for Finance Brian Lenihan is set to continue to insist that Ireland is fully funded until July of next year and does not need a bailout.

Other members will also feel that Ireland has been put under unfair pressure over the past few days.

However, finance ministers of Portugal and perhaps Spain could bring their own concerns to the table, namely that the uncertainty in the bond markets is pushing their bond deals to unsustainable levels.

The European Central Bank yesterday said that aid would be available to the Government, but Mr Cowen said that Ireland was not making an application to Europe or to the IMF.

The European Central Bank will probably argue that the amount of ECB liquidity pouring into Irish banks is not sustainable either.

Yesterday, two of its members strongly hinted that Ireland should accept a bailout to calm the markets.

Whatever the differences of opinion, the focus is likely to remain on Ireland's banking sector and its crippling effect on its sovereign debt situation.

Finland against bailout pressure

Finland is said to be against putting pressure on Ireland to quickly apply for an EU bailout.

'Finland strongly opposes the German position that the mechanism should be used just to make the markets calm down,' said one eurozone source familiar with Finland's position.

'The mechanism wasn't created for that purpose.'

Finland's staunch opposition is partly based on its belief that the rules must be strictly adhered to but also out of domestic political concerns - there is an election in Finland next year and there is popular opposition to more bailouts.

'Finland is already supporting Iceland, Latvia, Greece and, who knows, possibly Ireland and others,' said a Finnish EU source who spoke on condition of anonymity.

'The government will be politically dead if we accept something that is unacceptable to the average Finn. There is no way of explaining it to the average Finn that we are paying all this money but don't know when it's coming back.'

Germany's Economy Minister Rainer Bruederle also said he believes it is up to Ireland to decide whether the country should apply for an EU bailout.

He added that he did not think it was needed.