Peter Fitzpatrick (Louth, Fine Gael)

I welcome the opportunity to discuss the Euro Area Loan Facility (Amendment) Bill 2012, the purpose of which is to enable Ireland to confirm acceptance of the second amendment to the Greek loan facility, GLF, as part of the proposed new programme of assistance for Greece. While the legislation contains numerous measures, at its core it is simply about showing benevolence to our fellow man. This will have an economic cost to the State in the form of the reduced interest payments we receive from the Greek Government. At approximately €5.2 million per annum, these reduced sums are not insignificant. However, these payments are based on a sum of €345 million we provided for Greece before entering our EU-IMF programme. As Deputies will agree, those were different times.

The Government, specifically the Minister for Finance, Deputy Noonan, has since successfully and skilfully negotiated a €9 billion reduction in the interest cost associated with our borrowing from EU sources. Does anyone seriously suggest that we should benefit to the tune of €9 billion while denying or, to put it another way, begrudging a country such as Greece a reduction of €5.2 million? I may be many things but a hypocrite I am not. Given that the amendment is being made in the spirit of solidarity with our Greek colleagues, I share the Government's view that this is a small amount to assist a country in serious difficulties.

Another aspect of the Bill should not be overlooked, namely, the objective of facilitating, in the public interest, the financial stability of the European Union and safeguarding of the financial stability of the euro area as a whole. Financial stability must be of the utmost importance because stability in anything, whether markets, currencies, interest rates or peace processes, has an immense collective benefit. It provides assurance, and when people are assured, they develop confidence, which opens up new opportunities and breathes life into communities and markets. I have witnessed this at first hand in Drogheda with the recent and continued success of the "Local Heroes" initiative. Not content with the success of an initial trade mission, a second trade mission will leave the town bound for Silicon Valley later this week, with the explicit aim of encouraging new business for the town and greater area. In addition, the mission will showcase some exciting new emerging companies from the greater Drogheda area.

Also in my constituency I have witnessed at first hand the benefits of stability and consistent tax rates with the recent high profile arrivals in Dundalk of companies such as Prometric and PayPal. These highly welcome investments provide a welcome boost to the town and will greatly change the unemployment landscape. As a result, it would be remiss and almost hypocritical of me not to favour bestowing such benefits on our Greek counterparts when they are in severe financial difficulty.

My constituency, in particular the town of Dundalk, has suffered more than most from currency and interest rate movements over the years. There is a simple saying in the greater Louth area which is particularly pertinent to our Greek friends: "One never kicks a man when he is down." With that thought in mind, I do not have any hesitation in commending the Bill to the House.

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