Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

Everyone needs a hero; every country needs a hero; every government needs a hero. Last week the Minister, Deputy Michael Noonan, filled those boots. I do not choose the noun lightly. In fact, I did not choose it at all. "Hero" was chosen by a number of journalists who wrote articles regarding last week's events. Professor Patrick Honohan, Governor of the Central Bank, Ministers and Civil Service staff have worked hard to land this promissory note deal for Ireland and we owe them a debt of gratitude.

In the Sunday Independent, a number of leading entrepreneurs and business leaders, who create jobs in this country, gave their views on the new deal. Mr. Martin Naughton, the entrepreneur and Glen Dimplex founder, described last week's deal as "very positive news". The chairman of Connemara Mining and Petrel Resources, Mr. John Teeling, said the Government had "effectively written off" the cost of the Anglo Irish Bank bailout with the new deal. Greencore boss Mr. Patrick Coveney said the deal would "undoubtedly" help our economy recover, and that it "represents another step on the road to recovery and self-sufficiency". The CEO of the Maxol Group, Mr. Tom Noonan, said the package should help to stimulate Ireland's local economy. The KBC Bank Ireland boss, Mr. John Reynolds, said the deal "is as good as - or possibly slightly better - than might have been reasonably expected". Mr. Karl Whelan, regarded as the expert on promissory notes, stated "this seems about as good as we could get ... I think this is a good deal for Ireland." Mr. Peter Brown from the Irish Institute of Financial Trading said it is a "stunningly" good deal and that its terms are "quite amazing". Mr. Robert Finnegan, chief executive of 3 Ireland, said "Any deal that allows for repayment of debt over a significantly longer period at lower interest rates is good news". The businessman Mr. Declan Ganley said the deal puts Ireland "in a better position than it was". Very respected economic and political analysts have recognised last week's agreement as the best possible outcome for Ireland.

Our success story went viral. Top newspapers around the world also recognised our success. The New York Times bore the headline "4 Years After Crisis, Ireland Strikes Deal to Ease a Huge Debt Load". The Guardian stated "Ireland secures deal to reduce Anglo Irish Bank debt repayments". Standard & Poor's stated that the deal has improved its outlook for Ireland's creditworthiness. This air of positivity will undoubtedly have major knock-on effects in terms of employment, spending and growth. The removal of the promissory notes will provide a reduction in the State's general Government deficit of approximately €1 billion per year over the coming years and it will lead to a reduction in the State cash borrowing requirement over the next ten years of €20 billion. Ireland's debt is now more manageable and the State has the space and time to recover and grow.

Let us be clear. I am not saying all our problems are over. However, we need to stop bickering and stop the negativity, put our heads down and make sure the message goes out from this country that we are open for business. Oscar Wilde stated that optimists see the doughnut and pessimists see the hole. Now is the time for all of us to see the doughnut.

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