John Cregan (Limerick West, Fianna Fail)

It wanted to sell bonds valued at €1 billion and €1.5 billion this morning, but it was unsure how the sale would go. The full €1.5 billion in bonds were snapped up as soon as they went on offer. This says something about our economy. We have regained the respect of the financial markets and of the people who buy bonds. The NTMA has borrowed two thirds of the required funding for this year and has a further €20 billion tucked away. I admire the NTMA for what it has done, since the ability to do so is important. We are not looking for a bailout, but we must respect the fact that we are part of a team. We stand up and play our part admirably.

Given our economy, we are fortunate to be ahead of the posse. We took the tough decisions. Last week, our nearest neighbours in Britain were arguing. The outgoing Prime Minister argued that there should be no cuts this year while some of the incoming individuals argued that there should be cuts this year. If we had not cut when we did, we would have been putting off the inevitable. We have given the rest of Europe an example. On 11 May, The Times told its readers that if they were "deep in debt, the Irish can show you a way out". I did not write these headlines, but they are factual. What surprises me is that most favourable comment is coming from outside Ireland. I wonder why. As late as night, two economists were sitting on the same panel and the Leas-Cheann Comhairle was lucky to get a word in edgeways.

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