Brendan Howlin (Wexford, Labour) | Oireachtas source

We have made remarkable progress on almost every level in respect of the external overview of this country. Even the most jaundiced of analysts in the rating agencies have a more positive view of Ireland, which has helped us in terms of the bond yields for our ten-year debt. When we came into Government, Ireland was basically rated as junk and we could not sell our bonds. There was no point in putting them out because the interest rate demanded would have been so punitive. The most recent bond sale indicated that we can now sell ten-year bonds at in or around 3% and marginally below that on the secondary market on occasions. This means that people have long-term confidence in our capacity as an economy to pay back those loans and as a result, they are not demanding punitive interest rates.

There is a very positive view of Ireland in the European Commission and the Council of Ministers, which helps in terms of inward investment. The flow of foreign direct investment is very strong and we hope this will continue. We have a transformation in the external perception of Ireland as a country that is determined to recover and build a new economic platform on the basis of goods and services that people want to buy and sell. It is a good place in which to invest.

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