Bank debt holds us back -- Kenny

TAOISEACH Enda Kenny said he is "frustrated" that banking debt is holding Ireland back and believes the burden needs to be shared at a European level.

All eyes are on Brussels tomorrow as EU leaders meet to hash out solutions to the ongoing debt crisis in Europe.

The Taoiseach said that he would raise the issue at this week's summit.

But he warned that there will be no decision on a deal this time around.

He said that he hoped for an agreement on a banking union that would pave the way to a resolution of the eurozone banking crisis. European Council President Herman Van Rompuy has released a seven-page report on closer fiscal and banking union.

The report envisaged a eurozone treasury that would issue common debt in the medium term. However, expectations of a big new initiative from the summit have been dashed by German Chancellor Angela Merkel.