Larry Butler (Independent)

I agree with Senator Cummins's comment that we are lucky to be in the eurozone. That goes without saying. Ireland has been a good member since we joined. We have benefited hugely from being a member of the European Community, to which we have contributed. Now it will stand behind us when we are in need. We must take responsibility for what is happening in the bond market because it affects our European partners. While we do not need to borrow at present, other countries are borrowing and the price of bonds has gone up substantially. It is incumbent on us, as a member of the European Community, to take seriously the offer being made to us. This offer will get to the heart of the banking system which is not working, although we have poured billions of euro into it. The experts coming here will ensure it will be fit for purpose by the time they leave. It will be important to use the funding made available to meet our demands in that regard.

This is a great country. When we joined the European Community in the 1970s, it was a very poor country. However, we have made leaps and bounds since we joined and it is now offering us a hand-out as an equal member. We would do the same for any of our fellow Community members. We did so for the Greeks. When we made a contribution, people asked if we could afford it. Of course, we could, just as they can afford to support us now.

The European Financial Stability Fund is very important and we can look forward to borrowing from it at more favourable rates than from the bond market. It will also underpin our four-year plan. We know exactly where we are going in terms of costs and funding in the next four years. It is incumbent on Members of the Oireachtas, of all parties, to ensure the budget and the four-year plan are supported. If we have an election early next year, whichever parties form the new Government will need that plan and budget. Therefore, it is vitally important that both are supported and that we achieve a budget deficit figure of 3% of GDP by 2013.