Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

On the June deal, it is important it is not seen as a type of gift from on high. The June deal was achieved because we worked for it. The Deputy will be aware that Ireland was one of the few states which, in the early part of the discussions with its European partners, argued strongly for a change of European policy in respect of bank debt. We secured that change in European policy at the June summit.

No doubt the Deputy recalls the stability treaty referendum. I remember going out on the steps of Government Buildings on the day the result came in and the Taoiseach and I stated clearly on that occasion that our next target was to secure an agreement at European level on the separation of bank and sovereign debt, which we secured in June and it has been extremely helpful. It is important that we do not just regard the June deal as something that happened anyway. It happened because we worked for it and managed to persuade other parties of the value of it. In respect of the €1 billion off the deficit, this agreement has been secured and the issue of framing the next budget will be a matter to be considered in the course of time by the Government. I acknowledge Deputy Michael McGrath's positive response, but I was a little amused at his suggestion that perhaps we might seek further renegotiation with the troika on the terms of the bailout. What a short time two years is. Two years ago we were in the middle of the general election-----

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