Thomas Byrne (Fianna Fail)

I thank the Minister for Finance, Deputy Michael Noonan, for attending the Chamber to address this Adjournment matter at such short notice. He has an important job to do, one in which, by and large, I and my party will be supporting and encouraging him. This matter, however, I believe is sufficiently serious for him to address.

Last week a Minister, as part of a pre-arranged interview concerning the return of Ireland to the bond markets, an area not in his brief, stated Ireland would not return to the bond markets. Since then Government officials have had to make all sorts of briefings, creating confusion.

A similar event occurred several weeks before when another Minister misspoke official Government policy. On this most important and most sensitive issue, the Government is speaking not with one voice or a sense of common purpose but as a collection of individuals trying to get themselves in the newspapers.

The leader of Fianna Fáil mentioned in the other House that this slip-up was referred to 2,200 times in the international media. The Minister in question has now re-entered the fray, claiming his comments were hyped up. Yesterday's edition of The Irish Times, however, sums up this so-called hyped up mood. It stated:

... careless talk by Government Ministers on fiscal policy at a time when the State's very solvency is at stake can prove extremely damaging. It creates doubt and uncertainty in financial markets among those that most matter, the bond investors from whom the State hopes to borrow again next year.

It went on to recommend that the Minister, Deputy Leo Varadkar, should mind his own Department's business. I would recommend that too.

Deputy Varadkar is a very intelligent Minister and I will be lobbying him on important issues such as road safety, the Slane bypass and integrated ticketing for commuters. We will have to borrow from bond investors to fund many of these items. The impact of this talk and confusion on consumer and business interest rates from our banks must not be underestimated either, a point needed to be understood more by the wider populace.

The Government should speak with one voice on the important issue of our solvency, a provision which should apply to Government backbenchers too. Throwaway comments in a Chamber, or even a leak from a parliamentary party meeting, can often end up in the world press, as I know from bitter experience.

There is good news, however. Yesterday's edition of the San Francisco Chronicle stated, "Ireland should be able to access bond markets next year, according to Frank Gill, senior director of European sovereign ratings at Standard & Poor's." The world is watching. I hope these comments should give encouragement to the Government to stick to the approach laid down and agreed by the former Government. It should speak with one voice, with a sense of common purpose and remember that life in government is not just about profile interviews but sometimes staying quiet. From this side, we will support the Government's agreed policy on our solvency and do nothing to undermine it.