Paul Coghlan (Fine Gael)

I welcome the State's return to the bond markets yesterday, when bonds worth €3.5 billion were floated on a three year rather than a two-year basis. The NTMA is to be complimented on this manoeuvre. There could be another one in the pipeline, please God. This scotches any need for a second bailout which some people have been talking about. It indicates investor appetite and confidence in Ireland and our economy. It also augurs well for a phased re-entry to longer term debt markets. It is of vital importance for the country that we are approaching things on such a planned and phased basis.

I very much welcome the view of the Fiscal Advisory Council. Let us stay calm until we have seen the final text of the treaty. We do not know the detail of it so we cannot have a view from the Attorney General. I appreciate the eagerness of colleagues opposite to say a little about the situation.