Joe O'Reilly (Cavan-Monaghan, Fine Gael) | Oireachtas source

Regrettably, I must put it on the record that I consider the motion to be an opportunistic exercise in populism of the worst kind. While Deputy English is correct in saying that there is public concern and anger, this motion is a cynical exploitation of that and it is misleading people.

The governor of the Central Bank, Professor Honohan, has confirmed to the Joint Committee on Finance, Public Expenditure and Reform that the negotiations are ongoing to achieve a solution to this problem at a very high level. That has also been confirmed by senior Cabinet Ministers. Professor Honohan told the committee that by reneging on the debt, as some people opposite would suggest, we would put welfare payments to vulnerable people at risk. In addition, we would be putting people's savings at risk.

International confidence in this country has been restored, which was an important backdrop to the negotiations. The Taoiseach, the Tánaiste and the Minister for Finance have done a huge job internationally. Good work has been done at all levels, including diplomatically. The recent support for Ireland's case by President Van Rompuy of the European Council is a testament to that. Many other significant people in Europe have also supported our case. We have already achieved €10 billion in savings on interest as well as restoring confidence and attracting inward investment. Achieving money at competitive rates through the sale of our bonds is an indication of our success on bond markets.

We have developed international confidence, while the negotiations which are at a critical stage are being conducted admirably. It is not helpful to rush those talks, conduct them in public or create the illusion that some easy populist solution exists. It is time that people were straight about this. They should know better.

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