Tom Barry (Cork East, Fine Gael)

I value speaking in the debate, although the timing is poor. I have no doubt that it is a simple request but the scenario is complex. The timing is poor because today this country re-entered the bond markets - quite successfully at 5.15%. Nobody would have predicted that up to now. That is not bad but I do not hear any praise for it.

One must recognise that the Government is steady in its approach and consistent in the way it does its business. I know the wrongs that were perpetrated. I felt them more than many of the Members sitting looking across at me. I almost lost my business on the back of Anglo Irish Bank's false banking and backing people to own big portions of the sugar industry who eventually sold out through greed. I do not need lessons from Members on the far side of the House. When one's house is on the line, one knows all about it. Let us not go back to the past. Who owns the bonds is irrelevant. They are bonds and that is it. Discussing their owners is populist.

Returning to the market today shows there is market confidence, something that is vital. I run a business and am not about to be lectured by people who do not know how to create jobs. Creating jobs takes a great deal of effort and work. One builds a reputation over many years. If one defaults once, that is it - one is gone. People view the business as unreliable and the person as being someone who will cod them at some stage. Gambling never worked and I am not a gambler. We need to ensure consistency in our approach.

For those Members who have heard of Edmund Burke, he said we should not consult our invention, but with our past. This is important. Regarding the land annuities, the Government of the time decided we should not repay the loans the British provided to Irish farmers. We did not pay them, but we still collected the money from farmers. In 1932, 90% of our trade was with England. All of a sudden, prices for our cattle and commodities decreased and we were in major economic difficulty. This time was known as the Economic War. After six years, we tucked our tails between our legs and repaid England £10 million to say, "Sorry". By Jesus, we found ourselves in trouble in those few years.

Remember the credit unions that wrote to their small investors last Christmas to tell them the unions could give them no money because the bondholders had been burned? There are consequences to actions.

When I see populism like this, it makes me cross. I will stand by decisions that keep the people who work for me in their jobs. It is all about job creation.

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