Terence Flanagan (Dublin North East, Fine Gael)

Last week voters conclusively gave their backing to the stability treaty. We know its passing is a positive step forward for Ireland, ensuring the country can get back on track and remains at the heart of Europe. Despite some deceptive campaigning by the "No" side during the campaign, I am glad the treaty was voted through. In Dublin North-East, there was a positive response of 58% of the electorate who voted in favour of the treaty.

The European Stability Mechanism Bill 2012 is interlinked with the stability treaty. During the referendum campaign, constituents highlighted to me how the ESM is crucial to Ireland and is important to getting on the path to recovery. How else will we get funding in the case of an emergency bailout? The ESM will promote confidence in the eurozone. The positive referendum result last week is good for Ireland's debt ratings and return to the bond markets. It removes any uncertainty about Ireland's capacity to access funding, if the need arises, from the ESM.

Following the debt crisis that resulted in the bailout of some EU member states, there have been efforts to bring about reforms to prevent such crises happening again in the eurozone. Ireland has experienced a bad crisis in the past three years. However, we are now steadily emerging from it and the safety net of the ESM is crucial to ensure we do not find ourselves in a vulnerable position again in the future. Greece, Spain and Portugal are experiencing significant problems too and action is needed to deal with them.

There have been many job announcements in Ireland in recent weeks. I was delighted to join the Taoiseach last month for the announcement of almost 300 jobs at Mylan, a multinational based in my constituency. I commend the Minister of State, Deputy Perry, on the good work he is doing in this area. Every week, international companies continue to invest in Ireland because they believe it has a future. Amazon, Apple, home companies such as Dawn Meats and Rehab are putting money back into the economy which shows confidence in the country. Last week's "Yes" vote will improve this.

The ESM will safeguard the stability of the eurozone, provide an opportunity for non-eurozone countries to contribute to it and provide for funding to be made available to them if the necessity arises. The fund is expected to come into operation next month and will have a lending capacity of €500 billion. Ireland's contribution to the fund will be an upfront sum of €1.27 billion over the next three years. This is a small price to pay to ensure certainty and stability in our economy. The people do not want any more setbacks in trying to get the economy back on track.

Concerns have been expressed about the level of capital, €9.9 billion, that Ireland must guarantee. However, that would arise if countries were in massive default, and we hope that will not happen.

I am delighted the stability treaty referendum was passed last week, as it provides certainty and confidence that Ireland is willing and able to continue funding itself. The European Stability Mechanism, ESM, fund is available to us as a plan B, which could be very important for Ireland in the coming years. We all want to see the country emerging from crisis as soon as possible in order to provide hope and opportunity for our young people in particular. The ESM will certainly help us along that path.

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