Dara Murphy (Cork North Central, Fine Gael)

I welcome the opportunity to speak on the Government's counter motion to yet another Opposition motion of this type. We are debating one of the most unwelcome realities of the support programme into which we have been forced. The ambition on all sides is that the programme will terminate at the end of 2013, which is less than 24 months away.

At a time when the issue of money leaving the State is being debated, it is vital that we also discuss the total quantum of money entering the country. The EU and IMF are providing us with significant levels of assistance. Most of the EU's €45 billion is being used to pay for public services. The ECB's €110 billion provides liquidity for Irish banks and, consequently, protects the families and deposits of Irish citizens and businesses. It is fanciful and irresponsible to discuss the redemption of bonds without taking into account the broader Irish position. It is equally simplistic to argue hypothetical situations, for example, having a Central Bank of our own again. This is not the case. We do not have such control over fiscal policy.

See this speech in context