Seán Power (Kildare South, Fianna Fail)

When Patrick Honohan announced on the national airwaves that an offer would be made to the Government, it came as no surprise to the vast majority of our people. The decision of the Government to accept funding from the IMF and the EU was the first real admission that we were no longer able to deal with our own difficulties. It was an admission that past policies had not worked and that help from overseas was now needed.

I have no difficulty with the interest rate being charged by the IMF. We never saw it as being a charity, but we must look at what is being charged by the European Union. When we joined the EEC, the standard of living here was very poor. Schemes were put in place so that the standard of living and the infrastructure of this country could be improved, and we have all witnessed those improvements taking place. The same sort of understanding and support that was available when we joined seems to be sadly lacking now. I cannot understand how the money could not be provided at a more affordable rate than that being sought.

The package agreed with the IMF and the EU is not ideal, but it gives this country the opportunity to deal with its problems and if recovery occurs quickly, we will have the opportunity to re-engage with the markets.

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