Kevin Humphreys (Dublin South East, Labour)

I welcome the Bill and I welcome the Minister back to the Chamber. The various elements of the Bill dealing with the EFSF, as far as I can see, allow for the recapitalisation of the financial institutions, but they also provide a longer maturity date for debt. I believe we can use this to address the €31 billion in notes in Anglo Irish Bank, and I would like the Minister to expand further on that element in the Bill.

Like the Minister of State, Deputy Hayes, I welcome this Bill very strongly. It is good news for Ireland and I believe it is one further small step on the way to recovery. Since being elected to the House, I have heard Members state repeatedly that this Government would not get a reduction in interest rates. The Government has secured a 2% reduction in the interest rate paid on European Financial Stability Facility funding and loans from the European Financial Stabilisation Mechanism are now provided at cost. I have not heard anyone compliment the Ministers on the work they have done in this regard. In the previous session they were told they would not achieve these objectives without sacrificing our corporation tax rate. Despite this, they have, through negotiation with our partners in Europe, delivered these outcomes.

Deputy Boyd Barrett referred to stimulus packages. If my memory serves, many Opposition Deputies voted against the stimulus package the Government introduced in the previous session. I remind the Deputies in question that stimulus packages cost money, of which we have very little, not least because no one is willing to lend to us. We must manage our affairs and get our deficit in order or face the prospect of enduring the same problems as those experienced by people in Argentina some years ago.

The Minister must continue with the work he is doing by reducing the debt burden. The Bill is a small step towards returning the nation to prosperity. The country is still in receivership, having been placed in that position by the previous Administration. Every day, Ministers are taking small steps to return Ireland to growth. I commend the Bill to the House.

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