Brian Cowen (Laois-Offaly, Fianna Fail)

-----whereas this deal offers money for 5.8%.

The second point I would make to Deputy Kenny is that this country now has the ability to draw down funds. We can now find the room and space in which to pursue a policy pathway that will enable us not only to stabilise the economy, but also to look for growth in the economy in the years ahead. It is a question of trying to find a means of increasing confidence in the economy domestically and internationally. We are a small open economy. We require the stability of the euro, which is the currency in which we operate. It is in our interests that the euro is stable. The agreement that was reached last Sunday will allow us to obtain moneys for seven and a half years, on average. This drawdown facility will fund Ireland's requirements to the tune of €50 billion in respect of its own requirements plus allowing us to further capitalise the banking system so that we can have growth and jobs in the economy again. This is of fundamental importance and on that basis I believe it is the right deal for this country at this time.

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