Catherine Byrne (Dublin South Central, Fine Gael) | Oireachtas source

I welcome last week's announcement in respect of the promissory notes. The deal achieved is a positive step forward on the road to economic recovery. I do not pretend to be an expert in finance or economics and sometimes I find it difficult enough to balance my household budget. However, I accept that this is a complex issue and that, despite what some members of the Opposition believe, what was achieved last week is very positive for the country and its economy.

Since the Government came to office, it has showed its determination to revive this country's economy, which was left in ruins by the previous Administration. Last night, I listened in disbelief to the leader of Fianna Fáil refusing to take any blame for the mess his Government left behind. This morning I heard Deputy Calleary make reference to Scrooge. When it was in government, their party had plenty of money to throw at every Tom, Dick and Harry and, in particular, at its friends. Fianna Fáil threw money at communities just to garner votes. However, it failed to tell people that it was up to its eyes in hock at the time and that the money it was spending belonged to someone else. Deputy Martin needs to rethink his position on this matter.

The Minister for Finance, Deputy Noonan, his colleagues and his officials worked very hard to negotiate a better deal for this country that will safeguard its children and its future. The Minister has achieved what many stated could not be achieved. The Government is determined to build on his success in order to ease our debt burden in the future. Those in opposition must give credit where it is due. People in our communities and constituencies have begun to see a little light at the end of the tunnel. I have been contacted by a number of individuals in this regard.

Last week, the IBRC, formerly known as Anglo Irish Bank, was liquidated and the promissory notes were replaced with more suitable long-term debt. There are many young people in this country who have huge mortgages and whose homes are in negative equity. If these individuals got the opportunity to obtain a deal similar to that achieved last week and spread their mortgages over 40 years or more, they would dance with joy. We must realise that there is a better future for everybody in this country as long as we do the right thing now. As the Taoiseach stated, what was done last week is similar to swapping a high-interest short-term overdraft for a long-term low-interest mortgage. I know many people will understand what he meant by that. The bottom line in respect of last week's deal is that we are not going to be obliged to pay €3 billion a year in respect of the promissory notes nor will we have to borrow €20 billion during the next ten years. For the Irish people, this means that €1 billion less will need to be achieved through taxes and spending cuts in the years up to 2015. That is an extremely positive development. The deal, which was hard won, is a positive news story. However, many steps remain to be taken in order that we might allow our economy to recover. Economic recovery cannot happen overnight because we are not genies and we do not have magic wands.

As already stated, many citizens are beginning to see light at the end of the tunnel. Those in opposition who continually refer to people being given everything for nothing and not being obliged to pay for anything. I did not know what a promissory note was until I asked someone and I was informed that it is an IOU. Everybody has a right to owe money in his or her life if he or she so wishes. Paying that money back is an even greater right. I take this opportunity to thank the people of Dublin South-Central who have been extremely supportive in the past week and a half following the terrifying experience I had at my constituency office ten days ago. What happened in my case shows that there are decent people out there who do not believe in bullying tactics. Those who state that the people to whom I refer want everything for nothing should take a good look at what is happening on their own doorsteps.

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