Enda Kenny (Mayo, Fine Gael) | Oireachtas source

I thank Deputy Higgins for his comments. On the question of exiting the bailout by the end of 2013, I believe this was an achievement that was regarded objectively by markets and international analysts as being significant and being the first eurozone country to exit a bailout programme. Market sentiment which has neither sympathy nor memory reflected that in its opinion. I was glad to see that early in January the National Treasury Management Agency was able to go back to the markets at a very acceptable rate and as a consequence was able to reduce its requirements for 2014, and has been in a position to have funding for the country to the end of the first quarter of 2015 without having to go to the markets at all. That has been reflected very favourably by business and by international market sentiment.

As I have said on many occasions, credit is due to the people, who have put up with many challenges and difficulties in recent years. They understand that this has been part of the process of exiting the bailout programme while maintaining our momentum towards the achievement of the targets we must meet as we try to put a shape on the public finances and get the country back to work.

I was also asked about sustainability. Obviously, our debt-to-GDP ratio is very high. That is why it was significant that there was a small primary surplus in the budget announced by the Minister for Finance. Clearly, the question of banking union is still a matter of deep discussion at European level. Further meetings of senior officials will take place later this month. It was always signalled that the decision of 29 June 2013 would be considered by the European Council towards the back end of 2014, when banking union and all of that is in place. We have had the stress tests in respect of the assets of our banks. They have measured up in that regard. The same opinion will apply in terms of the European stress tests to be conducted on all banks in the autumn of this year. As a result of the changes made with regard to the promissory note - the extension of loan maturities and the interest rate reduction - a significant amount of money will not have to be borrowed. While that helps us in a way, we are still left with significant challenges up ahead in any event.

It is difficult to describe the international trading situation to Deputy Higgins in the context of the possibilities that exist for Ireland. I was in Japan before Christmas on foot of the invitation that was extended by Prime Minister Abe. I had a long series of meetings in Tokyo and Osaka. Clearly, the Japanese Government, on the instruction of the Prime Minister and with his consent, was happy to lift the restrictions on beef going into the Japanese market. As the Deputy knows, this was restricted in the case of Ireland since the BSE crisis over ten years ago. We estimate that the Japanese market is worth approximately €15 million. It will have to be built up from a base again. Specific cuts are of real interest and value to the Japanese people. A significant number of Irish meat producers were in Tokyo to see at first hand the exact requirements of the Japanese authorities in this regard.

I was accompanied on my trip to Japan by representatives of many companies and I met many Irish business people while I was there. This would suggest that there is serious potential in terms of jobs. It is not like it used to be. In many of these cases, the people in question are able to monitor and supervise the progress being made from Ireland. As a result, there are jobs at home and there is real value abroad. I met 15 or 16 young engineers in Osaka who are working for Mitsubishi. They are there by choice. They are working on turbines for gas-generating stations. Some of their work would apply here in Ireland. It is a big experience for them to work in companies of that magnitude. They will be able to bring that experience back to Ireland with them when the time comes.

I was in the Gulf states - Saudi Arabia, Abu Dhabi, Dubai and Qatar - last week. I was accompanied by representatives of 87 Irish companies who went there intending to gain new business or further existing business. We should look at the impact made by Glenbeigh, for instance. Philip Earle from Dublin has built a new unit for record storing and data collection at the entrance to the new Al Maktoum International Airport, which will cater for 120 million passengers a year. That project is being supervised and monitored from the company's headquarters in Dublin. There is significant potential for the number of jobs associated with it to grow in the time ahead. I also met Tim Clark of Emirates, which is doubling its number of flights coming in here on the basis of its assessment of the Irish market. When taken with the flights already offered by Etihad, this means that from September there will be 24 flights a week from Dublin to the Gulf states. That is very significant. Qatar is also interested in dealing with Shannon Airport.

It is clear that a series of Irish companies have done serious business or are in the process of following up on that. All of the 600 people I met in Dubai are there because they want to do business. Obviously, many of them want to come back after they have gained some experience. Saudi Arabia is in a slightly different position. It is the 19th largest economy in the world. It has a 2.7% debt and €700 billion in reserves. It has allocated €57 billion for education in 2014, in terms of colleges and buildings. A number of Irish people who have worked in the education sector are in Saudi Arabia to give advice on elements of the educational area. I discussed questions relating to Syria, including the implications for the general region of what is happening there, with the Crown Prince. I said that Saudi Arabia has been a very moderate voice in the pursuit of peace globally and regionally. I also made the point that Saudi Arabia has been elected to-----