Enda Kenny (Mayo, Fine Gael)

I do not accept Deputy Higgins's assertion. He knows very well what the fiscal impact will be because the treaty states it quite clearly. A "Yes" vote guarantees access to the ESM. A "No" vote guarantees no access to the ESM. Deputy Higgins does not have to take my word for it; I am quite sure he respects Mr. Justice Feeney and the other members of the independent Referendum Commission who are absolutely impartial, apolitical and utterly focused on telling the people the reality and the truth about what will be the fiscal impact here. Deputy Higgins does not have to accept my word for it. I am quite sure he will not deny accuracy and truth to the chairman of the independent Referendum Commission. The commission has made it perfectly clear a "Yes" vote would guarantee access to the ESM if it were ever required.

It is equally clear that much of what is in the fiscal stability treaty has already been enshrined in European Union legislation be it through the six pack measures or the Stability and Growth Pact. The difference will be that everybody will have to adhere to these conditions, big countries as well as small countries. The Deputy will appreciate that in the past big countries broke the Stability and Growth Pact and did not suffer any consequences. The new situation will bring good housekeeping to the fore which will ensure no future Irish Government or collection of parties will ever again be able to run away with the people's money.

Several weeks ago Deputy Higgins and those who support his call for a "No" vote called for the vetoing of the ESM and Sinn Féin was stating the IMF and the EU should take their money, get out of here and leave us alone. Now they state that of course on the day we will have access to all of these funds but with no indication of what the fiscal impact might be. In other words, when Deputy Higgins states the treaty leaves us with an austerity programme, I would like to know what is his view of the interest rate one would pay if one was to follow his proposal.

His question is about the fiscal impact. The fiscal impact is that the country will have access to the ESM if ever it requires it. More important are the jobs I discussed earlier with Deputy Martin from the multinational investors which are very clear, decisive, deliberate and large. Each of them reduces the deficit by €20,000. These matters speak for themselves. They have confidence in our people and country because of our tax record, technology and talent pool. We want this to continue. We might not win all of the jobs, but a "Yes" vote guarantees significant interest in investing in our country will continue. A "Yes" vote guarantees access to the insurance of the permanent fund for all European countries were it ever to be required. It also allows us to apply good housekeeping rules here. Deputy Higgins is well aware the less interest one pays and the less in debt one is, the more one has to spend on important facilities such as schools, primary care centres and front line services because the money is not required to be paid on high interest rates because of decisions taken in the past. This is the situation.

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