Lucinda Creighton (Dublin South East, Fine Gael)

It is extremely noteworthy and will be made known by Government on a regular basis.

Ireland's banks have benefited hugely from the support of the European Central Bank. We rely on the EU-IMF fund to keep the lights on in this country and to enable Government to do business. Without finance from the ECB the banks would have collapsed. Without external funding through the EU-IMF fund, the Government would have defaulted. Default would cut off our only source of funding. That is a fact which is entirely ignored by Deputies on the Opposition benches. To suggest we can default is extremely misleading and populist. It is easy to play that tune but it does not serve the Irish people. The consequences of default would be disastrous.

I look forward to having many other opportunities in the months ahead to debate this important package.

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