Eamon Gilmore (Dún Laoghaire, Labour)

The Government absolutely does not concede that, as Deputy Ross put it, there will almost inevitably be a second bailout. We do not accept that at all. The Government's strategy and objective is that we are in a programme and it will run for a period. Our intention is to exit that programme and return to the markets. All of the indications to date are that we will succeed in doing so. We are meeting the targets of the programme and, as the Deputy knows, the National Treasury Management Agency did an exchange of 2014 bonds for 2015 bonds quite successfully. We are confident we will exit the programme and get back to the markets. I do not accept the Deputy's comments about an inevitability - as the Deputy termed it - of a second bailout. I repeat that our strategy is to exit the programme and get back into the markets.

A number of Departments have been involved in the negotiations on the promissory notes, including my own, and the process of the negotiations is being overseen by the economic management council of the Government.

Deputy Wallace asked about the possibility of an Israeli military strike on Iran. When I met Prime Minister Netanyahu and the Israeli Foreign Minister, Mr. Lieberman, I communicated very directly Ireland's very strong opposition to any such military strike against Iran. I have said publicly that any such approach would be disastrous both for peace in the region and world peace.

The Acting Chairman has asked me to wind up the debate so I thank Members who contributed to the discussion. It is important that we locate what is happening in Europe, including the proposal for the fiscal treaty, as part of the strategy for economic recovery. We have had debates on where responsibility lies for the economic mess in which we find ourselves. What matters, however, is that we bring about economic recovery. There are a number of elements to this, including stabilising the euro which is what the treaty is about, and creating jobs and growth in Europe, which is why the Government has insisted successfully on the second arm of the agenda being put in place. In terms of what is happening in the banking system, the European economy generally and with the euro, the role of the ECB is important. In that regard, the advances it has made in recent months are welcome.

It is important that we do not constantly talk ourselves into a depression. We must look at where progress is being made because it is being made and the economy has returned to growth. The national household survey figures published today show the number of those in employment, in the final quarter of 2011, increased for the first time since 2007. I do not want to exaggerate this and say the low rate of growth achieved last year and the small increase in the number of people at work are the end of it. Of course, they are not. However, this shows we are making progress which we must continue. Part and parcel of this is ensuring certainty and the stability of the euro. That is why it is necessary for the treaty to be passed.

See this speech in context