Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

I will talk to the Deputy later. The fiscal issues remain. There is a notion that they have been resolved by the deal, but it is not being propagated by too many. The need for fiscal discipline continues and we must abide by the guidelines of the ESM. Critics maintain that the deal should have been better. Clearly, they do not understand how the process works. Prior to the last general election, the Labour Party brought forward the notion that everything was easy. Now that they are on the other side of the House they expect everyone to sing from the red hymn sheet, as well as the Government's. However, it does not work that way. I welcome the deal and acknowledge the significant effort made in achieving it. However, we must study what it means in real life, on the streets. Deputy Bernard Durkan is correct in his view that it will create the confidence needed to encourage growth, but we will need to manage that confidence to ensure it is felt at street and family level.

The Governor of the Central Bank, Professor Honohan, is focusing on the mortgage issue, which is welcome. That is the next phase in dealing with the banking crisis. If this problem is properly solved, it will have a direct impact. Mortgage debt is tangible, in particular for the 100,000 who have been more than three months in arrears. A solution to this problem will inspire confidence and encourage growth and job creation. I hope the same effort will be devoted to dealing with this issue. I hope also that the Government will apply the same pressure on the domestic banks as was applied to the ECB. If so, it can be congratulated on a job well done. It will be a deal that will make a difference and give a so-called community dividend. We will all support the Government in its attempts to do so.

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