Brian Cowen (Laois-Offaly, Fianna Fail)

I rise this evening to seek to bring to the attention of the House the agreement reached in relation to a financial package with our EU partners and the IMF. The key message I would like to convey is that as things stand Ireland is funded until the middle of next year but the current cost of new borrowing is not affordable for us. This agreement ensures that Ireland has secure access to the funding it needs as it sets about stabilising its finances and building confidence that the banks are well capitalised and able to meet the economy's needs. It is money that we would have had to borrow in any case. This deal provides money at a lower cost than is currently available in the market. That is the key point to make when we discuss all of the politics around this issue, and there has been much politics in this regard.

Deputy Gilmore asked me during Leaders' Questions if I was not ashamed of myself. What I am ashamed of is commentary in relation to important matters of public debate, such as that our economy is banjaxed and is an economic corpse. These are high rhetorical tones which basically seep confidence from the country, internally and internationally. Everything that is said in this country is being looked at very closely. I do not see how that could be regarded as either an accurate or responsible statement. Those statements have unfortunately come from the Opposition in the past 48 hours.

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