Michelle Mulherin (Mayo, Fine Gael) | Oireachtas source

I also wish to welcome the great deal achieved in respect of the promissory notes, part of which involved the immediate winding up and liquidation of the IRBC. This is a matter on which I have spoken in the past. On the Tuesday night before the surprise announcement of the liquidation of the IBRC, I spoke on this issue in the context of a motion before the House. The IBRC was a dead bank and other than housing certain assets, it served no function in terms of providing retail or commercial services and was an additional cost on the State. It is good that this chapter in our history is being brought to a close. I congratulate all involved. It can be stated that we played our cards very well. The hand we were dealt had its limitations but, collectively, we played it very coolly.

I compliment the Taoiseach on his diplomatic assault on Europe. At times, those opposite - who would prefer to use blunt instruments in respect of everything - made fun of his efforts. I congratulate the Minister for Finance, the Governor of the Central Bank, Professor Patrick Honohan, and the departmental officials who worked on the details relating to the deal and who displayed shrewd negotiating skills in making possible this result for our country.

It has been amazing to listen to the bleeding hearts in Fianna Fáil - they could also be heard commenting in respect of another serious issue last evening - rabbiting on about the need for a break for the Irish people, the fact that this was needed and inevitable, etc. They then uttered begrudging acknowledgements in respect of the benefits of the deal that has been achieved. It is only a few years ago that those to whom I refer were in absolute overdrive when they informed us that the deal they achieved on the promissory notes was absolutely the best which could be obtained. We were expected to believe this. In effect, they are now acknowledging that the deal they delivered - under cover of darkness - when they bankrupted the country was unsustainable. There is no surprise in that regard. While I feel sorry for the late Brian Lenihan Jr. in terms of the predicament in which he found himself, history will record that Fianna Fáil sold this country down the Swanee when it concluded its own deal. Those in Fianna Fáil have no authority when it comes to cross-examining the Government or picking at the deal done last week, particularly as it is clear that they thought they could stand over the deal they did.

There is already evidence of the benefits of the deal done last week. The markets responded immediately and interest rates fell significantly. It is only a matter of time before this filters down. I would like to believe that the confidence the markets have displayed will permeate into the lives of ordinary men and women in order that they might, in turn, be confident that the country is on the right road towards recovery. It is my hope and ambition that ordinary people will benefit from the respite to which the deal will give rise. There is no doubt that work remains to be done.

The deal that has been struck and the manner in which it was struck is evidence that there is not a magic wand. There is a way forward, and it is a tough way, but the stark reality is that notwithstanding any argument about sovereign debt and bank debt, the then Minister for Finance signed his name to the bottom of those promissory notes. They were, without a doubt, bank debts taken on as sovereign debt. We had to deal with that, and we did deal with it.

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