Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The important point is that externally investors and those who are making decisions about their relationship with Ireland have welcomed this Bill. They welcome that the Government is forward-looking and that we are now planning for the long term in the management of our public finances. Among the most influential actors are ratings agencies, whether we like it or not. Reading the various reports on Ireland in recent weeks and months this proposal has been welcomed by the ratings agencies. They understand the importance of this for Ireland. At any point in time investors and people who are considering their relationship with Ireland will consider a whole range of factors, including the economic conditions, where we are on debt sustainability, which thankfully has improved significantly in recent times. They will consider where we are on the public finances, where we are on employment and whether Ireland is a business-friendly country. They will also consider issues like housing availability for sure. I am satisfied that in the round they understand the nature of the Irish economy, the strengths of the Irish economy and the challenges we face. They will point to their welcome and their support for what the Government has provided for here in the legislation.