Enda Kenny (Mayo, Fine Gael)

I understand that Deputy Pringle has instituted proceedings in the High Court which include the seeking of an order to compel the State to hold a referendum on the ESM. He has also challenged the process to amend Article 136 of the treaties of the European Union, which is the Lisbon treaty, which is already under way. Therefore, I do not propose to comment on something that might be before the court, except to say to Deputy Pringle that what the people are being asked to vote on, on 31 May, is for their permission and authorisation to ratify the fiscal stability treaty. The process of that ratification will be the fiscal responsibility Bill which will be introduced in the House if the people decide to give that authorisation. The Bill will be debated both in this House and in the Seanad without delay and in proper fashion.

What is involved are three fundamental issues, first, the signal that approval of the treaty will send out, not just to Europe but worldwide that this country is open for business and that the long line of continuous investment in this country will be able to continue; and second, that the insurance policy or backstop of the ESM will exist for consideration by investors who want to invest in the country if that were ever to be required. As far as the Government is concerned, we want to be out of the bailout programme at the end of 2013. That means that this country must be able to get back to the financial markets and borrow as a sovereign country. Deputy Pringle is aware that we are in a programme at the moment that is assessed by the troika. It will be infinitely more difficult to achieve that realisation if this country were to turn down the fiscal stability treaty. We need clarity, confidence and decisiveness. From my perspective, the request to the Irish people is to give this House the authorisation to ratify the conditions of the treaty. It will allow for continued investment, a backstop and insurance, which is a fundamental issue for investors in the country.

The provisions of the treaty will allow us to legislate for good housekeeping requirements and ensure good fiscal discipline in this State. It will oblige us to put our own house in order. Everybody would agree that we do not want to go back to the old ways.

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