Jimmy Deenihan (Kerry North-West Limerick, Fine Gael) | Oireachtas source

As Minister of State with responsibility for the diaspora, I have met many groups from across the globe. I refer to business groups and other organisations in various centres which provide support for Irish emigrants. The latter are completely supportive with regard to what is happening in this country at present. They are proud of our achievements and of being Irish. They are also proud of the fact that we are repaying our debts. Many of them are looking forward to returning to Ireland. That is a fact, not an exaggeration. Contrast this with what was happening in November 2010, when an article published in The Economiststated:

The public finances are in a dreadful mess. The government is on track to spend 12% of GDP more than it takes in taxes this year, even after spending cuts and tax rises worth €14.5 billion ($19.6 billion). The deficit will be a staggering 32% of GDP once injections of capital into broken banks are taken into account.

On 2 December 2010, The Wall Street Journalstated, "The Irish banking crisis and bailout are affecting exchange rates and borrowing costs around the world, undercutting efforts to reduce trade imbalances and whittling the confidence essential to the global economic recovery". Then there was the famous quote from The New York Times, which described the IFSC as the "Wild West of European finance".

The Government has created assertive regulation, backed by a credible threat of enforcement, in order to change the image of Ireland abroad.

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