Jim Daly (Cork South West, Fine Gael)

Any reasonable, honest assessment of modern history – we do not have to go back further – would recognise that the present Government did not opt to make good the gambling debts of unguaranteed bondholders. I ask the movers of the motion to recognise that. The Opposition should recognise the efforts being made by the present Government to deal with the repayments, including those we cannot handle and those we are challenged to deal with.

There is ongoing debate on the Anglo Irish Bank promissory notes that commit the State to pay in excess of €3 billion per year for the next ten years and some €17 billion in additional interest. This arrangement was signed off on by the previous Government, not the current one. Notwithstanding the actions of the previous Government, the present Government has set about, very successfully, renegotiating many aspects of the EU-IMF deal. Some of the best estimates to date on the actions that have been taken by the Minister for Finance show that up to €9 billion can be saved over the lifetime of the repayments. In addition, there is hope that the arrangement pertaining to the Anglo Irish Bank promissory notes can be renegotiated, and that a much better, fairer and more sustainable deal can be achieved by the Government.

See this speech in context