John Gilroy (Labour)

-----since the changes to the structure of the EFSF were announced in July. By any standard, this must be welcomed and a continued reduction in Irish bond rates will ensure we will be able to re-enter the markets sooner rather than later and regain the element of sovereignty we relinquished.

The changes outlined in the Bill are aimed at helping Ireland, Greece and Portugal in particular become fiscally sustainable. As Irish legislators we can only welcome this, irrespective of what we think of what led us here. Although it pains me to use the awful phrase "we are where we are", the Bill represents an upside for Ireland and a win for the negotiators on the Government side. I hope Senator Byrne and his colleagues, who easily and fully praise Chancellor Merkel and President Sarkozy for their new-found acts of charity by offering a unilateral reduction, would be generous and patriotic enough to recognise the quiet diplomacy of our diplomats and Ministers who renegotiated this and achieved a very substantial decrease in the rates. This needs to go on the public record and any attempt by Fianna Fáil to hide this fact is dishonest.