Brendan Howlin (Wexford, Labour) | Oireachtas source

I thank the Lead-Cheann Comhairle. Within our first 100 days in office we reallocated €500 million in respect of job creation in the tourism sector, with obvious effect. We tore up the promissory note which would have required us to make bullet payments of €3 billion every year for an extended period. Those in Fianna Fáil stated that this note was not renegotiable and could not be altered. Fianna Fáil also entered into a ridiculous agreement whereby we were charged interest on borrowings at 7%. We renegotiated this agreement so that the payments relating to it will be made over a 40-year period at an interest rate of 1%. We also renegotiated a reduction of 2.5% in respect of the interest rates relating to other loans. The Deputy stated that the Greeks were responsible for this and that it was nothing to do with us at all. When the Portuguese obtained a reduction of 1%, those in Fianna Fáil stated that we should seek similar. They indicated that we were a disgrace because we did not achieve a 1% reduction when in fact we obtained a reduction of 2.5%. That shows the level of our determination.

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