Enda Kenny (Mayo, Fine Gael)

Ba mhaith liom a rá leis an Teachta nach bhfuil faitíos, scanradh, imní nó eagla ar an Rialtas faoin rud seo. Ba mhaith liom bheith in ann seasamh suas anseo agus a rá leis nach cóir go mbeadh an airgead seo le n-íoc, ach caithfear é a íoc. Níl slí ar bith eile as seo amach. Tá a fhios aige go raibh suas le €97 billiún le n-íoc i 2008. Níl fágtha faoi láthair ach €2.6 billiún. Tá an airgead seo le n-íoc ar maidin.

We had this out yesterday in advance of what the Deputy calls my big day. I do not like to see a situation where this repayment has to be made to bondholders. I do not have a list of their names, but I am sure the names of those in possession of the bonds have changed often since they were first acquired. However, I would like to repeat what I said yesterday. The Deputy seems to consider that there is an alternative, but if we do not pay this money, he has failed to point out from where the moneys to provide services for the people in the Visitors Gallery and throughout the country would come. He is aware that we have received €110 billion for the covered banks at very low interest rates to keep the country moving. The challenge for the Government is to sort out the public finances, close the deficit, grow the economy and provide jobs and opportunities for people here at home. The Deputy's idea that the Government can state it will not pay is simply nonsensical.

The Minister for Finance returned yesterday from Frankfurt having spoken to Mr. Draghi of the European Central Bank. The challenge and opportunity under discussion is to have flexibility shown by our European colleagues towards the promissory notes which will require a €3 billion payment in each of the next ten years. Flexibility is of great importance to Ireland. These discussions are under way in the same way that there were discussions on a reduction in the interest rate charged which, according to some commentators, was never going to happen.

It is not easy to say this, but the money must be repaid. The alternative would be catastrophic, given what has happened in Greece, where 100,000 public servants have been let go, public sector salaries have been drastically reduced and services decimated. We cannot and will not allow that to happen here.

There are some signs of some confidence returning. Yields of 6% yesterday indicate growing interest and confidence in the international community in investing in this country. We have a very long way to go, but we have been pointed in the right direction.

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