Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

The Chairman will be glad to know mine will be its usual short duration. This is an important meeting and the review by way of the semester is welcome, along with the observations from entities in Europe. That tends to encourage us to focus on issues that must be dealt with. That works in two directions and I would largely find common cause with colleagues in their views. I will not go through them again.

Some of us as chairs of various committees were summoned to Brussels approximately six or seven years ago when it was disclosed what the financial position was and what was likely to happen. We observed all put before us and we explained to the powers that be the difficulty we would have as a nation in meeting the challenges ahead. I was concerned at the time and I was concerned three years ago because I thought we would never survive the burden thrust upon us as a result of uncontrolled activity by persons unknown through our economic sphere. That said, the time has come to separate fact from fiction.

It is very easy for people to argue that we should abolish austerity. That is not something to be done with the wave of a wand. We must deal with the issue presented to us, which is analogous to what happens in a household. If a household has domestic bills to pay, the head has the option of not paying them. In effect, this is burning the bondholders.

In that case, the money required for next week's or next month's commodities or mortgage will have to come from somewhere else. Where will it come from? Where is it proposed to get this so-called pot of gold we have been hearing about for the past two or three years? The fact is it does not exist. Those who pretend it exists are indulging in mindless propaganda, which is to advance their political cause and nothing else. It is high time we faced reality. If we as administrators do not face reality for this country, somebody else will do it for us.

I fully concur with the views expressed by my colleague. The time for pretence is gone. We have got a job to do and it is a very difficult job. I support and acknowledge the efforts of the Irish people and the Irish Government in doing what was an impossible job. I also congratulate the Government on doing the impossible in the face of some of the most cynical and opportunistic opposition of all time.