TAOISEACH Enda Kenny ruled out a referendum on the EU-IMF bailout deal. In his view, the general election represented a referendum, he said yesterday.

“This Government was given a clear mandate to improve the terms, in respect of the circumstances in which we find ourselves, on behalf of the Irish taxpayer,” Mr Kenny added. “That is where the entire focus will be.”

Gerry Adams said he predicted that the interest rate would be reduced, and there was no need to talk about corporation tax because they had been told during the Lisbon Treaty referendum that it was an issue which would come up again.

“We are riding into a crisis about which our party warned during the election campaign,” he added.

Mr Kenny said it was the cost of the banking structure that placed the real burden on Irish people, and it was there that flexibility, change and adjustments had to apply.

Joe Higgins (SP) said that after “six short Hibernian days and nights” the Government was guilty of “monumentally betraying” its promise of honesty.

The programme for government had promised burden-sharing so that the gambling bondholders in the Irish banks would carry at least some of the massive losses they incurred and which were now being foisted on the people.

“Only three weeks ago they were lining up the tanks to roll on Frankfurt to insist on terms with the ECB against the pressure of speculators,” he added.

“Now it appears the tanks will not get any further than the local social welfare office to shake down the unemployed and the poor to pay off the very same speculators.” Mr Higgins said that since 2009, €15.4 billion had been poured into the banks by the taxpayer and a further €40 billion was contemplated.

Mr Kenny said he had held the view for a long time that it was always unfair to expect the Irish taxpayer to fork out 100 per cent of the cost of the consequences of reckless banking.

“I still hold that view,” he added.

“The discussions that took place last Friday, yesterday and today, and will continue next week, will centre specifically on this issue.”

Mr Kenny repeated his view that no further money, beyond what was already committed, should go to the banks without some sharing of responsibility by those who had involvement in a number of categories.

“If other European countries do not want to proceed with that, or have a different view, these are the areas on which the discussion will be centred,” he added.

“My focus is on obtaining an improvement in the terms of this deal for the Irish people, and that is where my focus will remain.”

Mr Higgins said some people had drawn a parallel between the Famine and what was happening today. While he would not wish to make the comparison, fresh produce had gone abroad to pay landlords while people starved and now billions were going into European banks while a half-million people were languishing on the dole.