Pat Carey (Dublin North West, Fianna Fail)

Táim buíoch as an deis labhairt tráthnóna faoin ábhar tábhachtach seo. Agus sinn ag tabhairt aghaidh ar na dúshláin éagsúla atá romhainn, ní foláir thar aon rud eile dóchas a bheith againn. Ach ní féidir dóchas a bheith againn gan cinnteacht a bheith againn. Is dóigh liom go dtugann an comhaontú lenár bpáirtnéirí Eorpacha agus an IMF an chinnteacht sin dúinn. Bheadh sé tubaisteach dá ngéillimis anois don éadóchas agus don dtuairmíocht mhístuama nach bhfuil aon teacht aniar i ndán dúinn. Ní dóigh liom gur dual don Éireannach géilleadh mar sin. Is daoine cróga, ábalta agus bródúil sinn. Tiocfaimid slán as an ngéarcheím ina bhfuilfimid faoi láthair. Chonaic mé seanráiteas ó Aodh Mór Ó Neill i nuachtán an tseachtain seo caite, "beidh lá geal gréine go fóill in Eirinn". B'fhéidir go bhfuil sé deacair é a shamhlú tráthnóna, agus an sneachta ag titim go tiubh, ach credim go mbeidh lá geal gréine go fóill in Éirinn.

Since the onset of the global economic crisis we have, as a Government, had to take difficult but necessary decisions in the face of unprecedented challenges. More recently, continuing uncertainty in the markets, particularly about our banking sector, has led to a situation where the cost of new borrowing is not affordable. While we are funded until the middle of next year, as John Maynard Keynes said, '"the market can stay irrational for longer than you can stay liquid'. We have no way of knowing whether borrowing costs will come down to a reasonable level in the new year and we cannot afford to take a risk if we want to ensure the continuation of key public services. That is why we have agreed a three-year programme with our EU partners and the IMF; to ensure Ireland will have access to borrowing to fund social welfare payments, our health service and our education system. The deal was the best available for Ireland and will give us cheaper access to money we would have had to borrow in any case.

This is the reality of our current situation. These are the facts and no amount of wishful thinking or political posturing will alter those facts. The uncertainty, which was borne out of broader market conditions, had to be addressed and we have addressed it in conjunction with our European colleagues and with the IMF. The agreement we have reached will put an end to that uncertainty and allow us to begin restoring confidence in our banking system. Other speakers have taken issue with the agreement. I believe those arguments are sincere, but I also believe that what has been achieved is the best that could have been achieved in the circumstances.

The certainty that this agreement brings will allow us to continue our focus on the development of our real economy, which is showing real signs of recovery and offering a real cause for hope. For example, exports are growing and manufacturing has improved in eight of the past nine months. Figures announced today show that redundancy claims for the first 11 months of the year show a drop of 16,970, or 23%. This is further evidence that the labour market is stabilizing. Today's live register figures show the biggest November fall since 1999. These are some of the important yardsticks we use to measure the strength of our real economy and they are showing signs of real improvement. While people are justifiably concerned and angry at our current situation, this is not a time for trying to make political capital out of that concern. Defeatism will get us nowhere. Alarmism will get us nowhere.

This is not a time for painting apocalyptic scenarios, for theatrics or for engaging in scaremongering. Neither is it a time for presenting unrealistic propositions as realistic alternatives in the hope that an easy soundbite will become a cheap headline.

It is easy to make fine speeches about what we could do, or angry speeches about what we should have done. This was the best deal available to Ireland and to the people of Ireland. We did what we had to do. We did what we had to do in order to bring certainty to our economic situation. We did what we had to do to ensure we can go on paying for our public services. We did what we had to do to bring stability to our banks, and we did what we had to do so that we can continue to build on the foundations of recovery in our economy, to create jobs and to return to sustainable economic growth.

We need the certainty that this deal brings because it is futile to talk about hope without first having that certainty. We could not afford to take the risks involved in some of the so-called alternatives to this agreement being offered in some quarters. Now that we have the clarity that this agreement brings, we cannot afford to lose sight of the underlying strengths of our economy and of the great strengths of the Irish people. We accept that people are concerned and that the path ahead will be painful for all, but I do not accept what we are constantly hearing about a despairing people, crippled by shame. Unfortunately, this false narrative of a broken people in a broken country dominates much of our current discourse. It is doing damage to our economic prospects and our standing globally. I do not for a minute accept that this narrative reflects the mood of the Irish people or the determination of the Irish people to work at overcoming our current difficulties.

We are a resilient people, a proud people and a resourceful people. We will fight back as we have done before. We have a responsibility to each other and to future generations to work together to overcome our current difficulties, to build on our economic strengths and our strengths as a nation. We can have our political arguments on another day and the people will have their say on another day, but this responsibility goes beyond any personal interest or political belief. Of course people are suffering and of course people are looking for certainty and hope, but they do not want hope in the abstract. They want hope that is backed up by clear and constructive policies.

This agreement with our EU partners consolidates and accelerates the policies we have pursued as a Government in the past two years. The agreement and the negotiations that led to it were based on the credibility of our national plan for recovery. This programme will guarantee that the State has secure access to the funding it needs. As Governor Honohan has said, it will give us the time we need; the time we need to stabilise our finances and the time we need to build confidence in our banks so they can meet the needs of our economy.

We can and we will emerge from our current problems. Níor chaill fear an mhisnigh riamh é. Mar a dúirt mé ar dtús, a Chathaoirligh, beidh lá geal gréine go fóill in Éireann.

I have listened carefully to the debate on the plan for recovery and the agreement reached with our European partners, the IMF and with countries who are giving us bilateral assistance. It is relatively easy to cast alternative scenarios, including the regular call to burn the bondholders. I have to say that burning the bondholders seems to me, as someone who is not versed in economics, to be very similar to what unscrupulous employers might do when they realise they are in difficulties, where they simply close shop and turn their backs on their responsibilities to their creditors and to their employees. That simply was not an option. Whatever ideological views we might have on this, it is verging on the irresponsible for us to perpetuate the myth that this option does not have any consequences.

The debate has been useful at a critical time in the life of our country. However, we would be less than fair to the nation and to ourselves as parliamentarians if we tried to hide any of the realities out there. From the very beginning of this crisis, the Government has acted in good faith, put the good of the country and the best interests of its people to the forefront. While the next three to five years will be difficult, I have no doubt we will come through this and we will emerge as an even stronger people.

One of the privileges I have had as Minister in this Department is to be able to interact with some of the 24,000 community groups the length and breadth of this country, all of which are working tooth and nail to ensure Ireland is a more vibrant, resilient and richer place at the end of this crisis. With the increase in the number of people who are out there looking after their neighbours and helping each other, such strength will stand to us in the years ahead and we will emerge a much stronger and more resilient and vibrant people.

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