Heather Humphreys (Cavan-Monaghan, Fine Gael)

I welcome the opportunity to contribute to the debate on the Bill, which I support. People must remember that we are travelling a long and difficult road to recovery. The banks lent recklessly and the previous Government squandered taxpayers' hard-earned money and we are now paying the price. The medicine is very unpalatable and bitter and, unfortunately, there is no sugar in the cupboard to make it sweet.

I listened to some of the contributions of previous speakers and I am of the view that it is important that, as a nation, we should reiterate our objectives. Our first and main objective must be to regain control of our national finances and, ultimately, of our fiscal destiny and economic sovereignty. To achieve this, we must work in co-operation with our European partners in order that we might benefit from the best possible deal. We needed the support of the IMF and the European Union in order that ATM machines remained in operation and that the country did not grind to a halt.

Our global credibility as a nation was greatly damaged in recent years. Thankfully, however, as a result of the great work of the Taoiseach and the Minister for Finance, our credibility in Europe and elsewhere is growing every day. I, too, take this opportunity to compliment the Taoiseach and the Minister, Deputy Noonan, on the very effective way in which they won further concessions in interest rates during the past week. I am confident they will achieve further concessions.

It must be remembered that apart from the recent direct financial support we have received from Europe, we have enjoyed many positives as a result of our membership of the European Union. As a whole, Ireland has particularly benefited in the areas of farming and infrastructure. Our membership of and engagement with the EU has brought about many benefits for women in Irish society, especially in the workplace. The Bill will allow European member states to avail of cheaper funds. Given our current level of borrowings, it is important that we support any opportunity to reduce our interest rates and extend maturity dates. We are spending €15 billion more each year than we are taking in. This cannot continue. Any pain-free solution that does not necessitate cost savings in another area has to be welcomed and availed of. This is an opportunity to put the past behind us and move forward. It is one of the benefits of being part of a co-operative in which varying levels of strength can be drawn upon at different times. An inherent danger in this structure is that if stronger economies encounter difficulties, it could weaken the process. Nevertheless, it is only through co-operation and working in unison, with the strong supporting the weak, that we will ultimately achieve success.

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