John Paul Phelan (Carlow-Kilkenny, Fine Gael)

It also increases our quota within the IMF from 0.528% to 0.724%. Some 53% of our borrowings from the IMF will now attract the lower rate of interest. That is positive for Irish citizens and taxpayers. The 2008 quota reform had a smaller effect. It increased our quota from 0.392% to 0.528% and just 19.3% of our borrowings from the IMF attracted the lower interest rate.

I am always struck by those Members and people outside the House who decry the role of the IMF in this country. I would certainly prefer it if the IMF was not here and the Government's objective is to ensure it is out of here as soon as possible. Like Deputy Boyd Barrett, I support the public sector. The reality is that if the IMF was not here now, the public sector would be decimated because we would have to correct our budget deficit in one go. The €3.8 billion adjustment that the Ministers, Deputies Noonan and Howlin, had to make last week through cuts and tax increases would be an €18 billion adjustment in the absence of the IMF, and it would have to be made in one go.

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