Brendan Griffin (Kerry South, Fine Gael) | Oireachtas source

I want to echo the wise and informed words of my colleague, Deputy O'Reilly, whose contribution this evening was spot on. I warmly welcome and support the Government's motion on this issue. The deal that was achieved by the Taoiseach, the Tánaiste, the Minister for Finance and their team in Europe last week was simply remarkable. We can all be very proud of it because it is a fantastic deal for Ireland. I want to pass my congratulations and gratitude, and that of the people of Kerry South who elected me, to those who negotiated it on behalf of this country. It will make a huge difference to the lives of my constituents and of future generations. This is a major step on the road to economic recovery. I believe the best possible deal which could be achieved in Europe for Ireland has been achieved. A major weight has been lifted from the necks of the Irish people as a result of the finalisation of this deal last week. The deal means we no longer have to borrow €2 billion a year for the next years to pay the promissory notes.

That will have a major impact on the budgetary process in our time, which is welcome. We have effectively transferred over 40% of legacy banking debt into very long-term debt and significantly reduced the cost of financing that debt, which is a great achievement. We also still have the EU commitment that Ireland is a special case. I would like to see the work now turn to focusing on ensuring we get a deal on the debt associated with our pillar banks, which needs to be prioritised by our negotiating team.

We have heard many references to future generations over the last seven days. There was one reference, which I thought very unfortunate, to toddlers of today who will be paying back the principal sum at the age of 40. What was neglected was the point that those same toddlers will be probably be paying €30 or €40 for a pint of beer at that time. That is the type of context into which we need to put this achievement. It is disingenuous to make points like that. While it is very simple to say we will be paying this principal sum back in 40 years, we need to give the full picture.

What we have done is to prepare a far better Ireland for future generations. I say this from my heart as one who will be becoming a father in the next couple of weeks, with the help of God. We have prepared for a future Ireland that is unshackled from the debt burden that hung around our necks in recent years. This will allow us to build a better Ireland and a better society for our children and grandchildren of the future to be born into. That is the achievement of the last seven days. As a man, more than as a TD, I am very grateful to the people who have done that on our behalf. In time, we will be proven right. Unfortunately, for their own political gain, some people will not acknowledge the achievement and will try to undo it, disingenuously so. This is the best news story to come out of Ireland in a long time. I know future generations will be very grateful to us for having done this.

The analogy of the can being kicked down the road has also been thrown about recklessly in the last couple of days. Yes, the can has been kicked down the road, but it has been kicked so hard and so far that there will be very little can left at the end of that road. That is the key point. We need to put this into context. It is huge money but, with inflation and with economic growth, in time, this will be a major achievement for us, it will be sustainable and it will help future generations to grow and prosper. It must be supported. I want to firmly put my heart and soul behind this motion. It is a good deal for Ireland.

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