Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

If he cannot take the heat, the Deputy should get out of the kitchen. I speak about this matter from the point of view of possessing knowledge of it. I accept, however, that said knowledge is not in-depth in nature. However, I was present when these issues were being dealt with in the Dáil.

Deputy Martin has left the Chamber but I wish to deal with the points he raised. First, this is a good deal for Ireland and its people because it will reduce the financial burden that will obtain in the future. Second, the nominal amount of the debt remains the same but the real amount will be reduced by inflation during the 40-year period to which the deal relates. Three, in the context of the sale of Government bonds, in 2014 €500 million in Irish Government bonds will be released onto the market by the Central Bank. In the period 2015 to 2018, a further €500 million will be released. Between 2019 and 2023, €1 billion will be released. After 2024, the amount released will be €2 billion per annum.

There will be a real reduction in the amount of money involved here over time. The interest rate will fall to 1% per annum and the repayment period will be 40 years. This is a good deal for Ireland because it will bring about significant change and will unravel the mess Fianna Fáil created when it negotiated - perhaps it would be better to say failed to negotiate - the promissory notes. Those in Fianna Fáil were cute enough - for their own political ends - to ensure that interest would not be charged on the promissory notes in the two years leading up to the general election. The measure negotiated by the Government is positive and it will ensure that we exit the bailout programme at the end of the year. It will also ensure growth and the recovery of the economy going forward.

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