Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The ECB has already extended money to this country through the ELA provided by the Central Bank to the IBRC with no agreed timescale for the repayment of same. As such, we have a legitimate case to make in respect of the issue of monetary financing.

From what we can gather from media reports, the Government's preferred solution is to kick this matter as far into the future as possible via a very long-term bond that is serviced by an annual coupon rate. Such a proposal is consistent with the way the ECB has been interpreting the question of monetary financing under the Treaty on the Functioning of the European Union.

I could go on, but I will not. I genuinely wish the Minister and the Government well in their negotiations. This is a one-off opportunity and Ireland has momentum behind it. The Government has accrued considerable international political support. This now needs to be leveraged. While the ECB guards its independence closely, it is not immune to political influence. If we can get the right deal, it will make a tangible difference to our economic recovery.

Exiting the bailout is one matter, but it will not make much of a difference to people's day-to-day lives. What will make a difference is shaping the fiscal decisions of the House through a proper deal on the promissory notes to take the sharp edge off the next number of budgets. This is eminently doable and I wish the Government well in its efforts in this regard. Speaking on behalf of my party, the Government will receive constructive support if it achieves a proper deal.

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