Frank Feighan (Roscommon-South Leitrim, Fine Gael) | Oireachtas source

This an Irish, European and global financial crisis. This country is part of the problem but it can be also part of the solution. Light touch regulation in the banking sector and the wrong decisions being made by the previous Government were part of the problem here. As a country we lost our way too. Unfortunately everyone, from employers to employees, from home owners to the homeless have suffered greatly. I have been to Taiwan to talk about the global financial crisis. I was also in Australia, which is doing pretty well at present. In Europe and Ireland, we are feeling the impact more than in other parts of the world.

I have an anecdote I wish to share. We are fighting with Germany and saying various things about that country right now. I flew home from Frankfurt to Knock a number of weeks ago and most of the passengers were upper and middle income Germans. When the Ryanair staff went along the aisle of the aeroplane offering refreshments, not one person bought a cup of coffee or a sandwich because they knew it was bad value. They preferred to wait and spend their money wisely when they landed. If that had been a flight with mostly Irish people, the staff would have spent half an hour at least selling refreshments. One guy would have wanted a can of beer and a sandwich, the next a cup of tea and so on and the money being spent would be the money the Germans are giving us. That anecdote proves that we have a lot to learn from the Germans about good financial housekeeping.

Ireland is a template for getting out of this crisis. We were the first country to enter a programme and we will be the first to leave. We are stabilising the public finances and are dealing with the debt crisis. Ireland is a template for the stabilisation of the public finances in Europe as a whole. We are so close now to getting back into the bond markets. I hope that when history is written, it will note that this country and Europe got back to work. The euro zone will stabilise, which will benefit Ireland enormously. The global financial crisis will end. Ireland, by putting its people first in its policies, will prevail. Europe and the world will recognise the sacrifices made by our people. I have no doubt we will be the first country to get out of a bailout programme and get back to work.

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