Brian Lenihan Jnr (Dublin West, Fianna Fail)

Not surprisingly, this has been a profoundly dreary and dispiriting debate. Deputies need to deal in reality. Our capacity to avoid the pressing and difficult issues is remarkable. Worse than that, the use of our difficult position to score cheap political points is frankly depressing. I heard Deputy Kenny opening his contribution today by announcing that Ireland was bankrupt. That is simply not in accordance with the facts. The State was and is well funded into next year, but the decision to enter the facility was a wise and precautionary decision which ensured that economic continuity is maintained in this country, so that we do not find ourselves in a position of wondering whether the Pass machines would produce or that the State pensions would be paid.

The Government acted prudently throughout these negotiations. The Government was not rushed into these negotiations, but carefully protected its position to ensure, for example, that the question of our corporation tax rate was not on the agenda. The insistence that this programme was necessary only because of the banks is risible. The fact is that €50 billion of the €67.5 billion we are getting from the IMF and the EU will go to the running costs of this State over the next three years. We all know that this problem has been with us since 2008. We all know in this House that there is a need for a budgetary correction, but time and again, reality has been denied by the Opposition parties on this issue. Time and again, a magic solution has been held out to the people which is an illusion. Time and again, every measure the Government brought in to restore the budgetary position has been opposed.

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