Paul Connaughton (Galway East, Fine Gael) | Oireachtas source

I second the amendment and thank the Leas-Cheann Comhairle for the opportunity to speak on this motion. Two years have elapsed since the Government took office and its fundamental aim at all times has been to stabilise the perilous economic situation in which it found itself, as well as to get Ireland back to a position from which it can emerge from the recession it was in and from which people of all ages can look towards a future with renewed confidence. Stabilising employment levels has been crucial to achieve this and I acknowledge unemployment remains as a huge issue. The Government also has been obliged to stabilise the banks and while the issue last year of the promissory note for the bank formally known as Anglo was averted, this year it must be dealt with before the deadline of 31 March.

If one considers the huge cuts to the budget it has been necessary for the previous Government and the present Government thus far to implement, as well as the toll that has taken on the Irish people, it is important that a deal is struck and that the €3.1 billion promissory note is not paid on 31 March. I agree wholeheartedly with the approach being taken by the Taoiseach and the Minister for Finance in dealing with the ECB and our European partners. It is imperative that Europe not only talks a good game but that such goodwill is turned into a positive outcome for Ireland, which will demonstrate tangible European support to enable Ireland to get back on its feet quickly. I am sure no one in this Chamber has forgotten that even without the promissory note or the bank debt, the country still has a €15 billion deficit that must be addressed. The concern at present is the public has been fed the line that doing or not doing a deal on this issue is the be-all and end-all. The suggestion is that if a deal is secured, everything will be easy thereafter but alternatively, the country will fall apart if no deal is reached. However, this is not the case, as a great deal more must be done in respect of the deficit. A positive deal on the forthcoming promissory note would send an important signal to investors in Ireland and abroad that Ireland is getting back on track, that its debt is sustainable and that it is back in business. Stable public finances are essential for job creation and economic growth in Ireland. However, some Members on the benches opposite appear to have forgotten that we only will be successful in the long term if the international markets believe that our debt is sustainable. This is not about the short term or the lifetime of the present Government but is about putting Ireland back on a sustainable footing for the long term.

It also is very important that our European partners understand fully that this is not simply about getting Ireland a good deal. Instead, it is about Ireland the best deal possible, namely, a fair deal, which sets us properly back on track towards prosperity and growth. It also must be remembered that the money which washed through Ireland during the years of the boom materialised from within Europe and therefore, our European partners must shoulder some of the responsibility when dealing with this issue. I note there has been quite a lot of talk in recent months and years on possible further European integration within the institution, whether a banking union or in other areas. It is important to sort out this problem first. The countries which are in trouble should be put back on their feet first and that conversation can be had further down the line when economic growth has returned to the majority of Europe.

I cannot support the motion before Members this evening because with almost two months of negotiations still to take place, it is completely premature. Moreover, as Members speak, the Minister and the Taoiseach are pushing hard for a positive deal for Ireland. Were such a deal to be concluded, the Minister for Finance would explain it in detail to Members. However, until such time as a deal has been concluded, such speculation is idle. If passed, the motion before the House would undermine completely the Government's negotiating position and would not be in the best interests of the Irish people.

To date, the Government has achieved a number of important successes, including the renegotiation of many of the conditions of the bailout programme, as well as a significant reduction in interest rates on European Union funds. It is all too easy for Opposition Members to be negative at all times. They have the luxury of being able to knock every positive suggestion and to criticise deals yet unmade. It is not their responsibility to make the difficult decisions that must be made to balance this country's budget. They can call for the non-payment of this promissory note safe in the knowledge that it will not fall to them to assess the repercussions of not so doing. I believe that with more than seven weeks remaining before the deadline, the right and proper thing for the Government to do is to get on with the hard behind-the-scenes work of negotiating the best deal possible for Ireland and I wish them well in their endeavours.

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