Joe McHugh (Donegal North East, Fine Gael) | Oireachtas source

I welcome the opportunity to speak here today on this issue. I will reflect some of the feedback from my constituency and county over the weekend. While people had their pragmatic hats on, they said this will not remove the obstacles and challenges we face in the long term. However, it is a start and that was very much welcomed. I welcome the efforts of the Minister and his team and his entire operation over a long period of time to get a deal on the promissory note. However, the deal does not end Ireland's bank crisis.

Ireland's banking crisis will have a debt ratio way above 100% for a while yet, according to those in the international markets. I have learned from those working in the system that the C-word, "contagion", is no longer used. That was the word on everyone's lips - politicians, civil servants, ECB members - during the period six months ago and up to 18 months ago. Contagion was the worry. In the past six months the C-word has not been referenced and that is a good sign. While we have a long way to go to reach the overall solution, Armageddon has been avoided.

It is important to acknowledge the role of our team, in particular the civil servants in the Department of Finance and in embassies. I wish to highlight their efforts. The legislation was printed at some time last autumn - I am not privy to when the IBRC legislation was being prepared. It is worth noting that this information was not leaked because it was so vital to the interests of the State. It was protected by a code of integrity, honesty, objectivity and impartiality written in stone in 1996 by the Civil Service. This House must acknowledge the role played by those civil servants who were led by the competent, seasoned skills of the Minister, Deputy Michael Noonan. It was a lesson to me as someone in his early 40s that wisdom cannot be bought or acquired by accident; wisdom is built up over a long period of time. It must be acknowledged also that negotiation was a very bitter pill to swallow for Government Deputies. We were told to get in there, get stuck in, put it up to them. We were told not to be the best boys in the class and other nonsense. Negotiation is a political bitter pill to swallow but it was the right pill. Confrontation would not have brought us to this point in our journey. Negotiation is difficult; it requires respect. I acknowledge the role played by the Taoiseach in espousing that philosophy from the beginning.

I have only a short time left to speak-----

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