Terry Leyden (Fianna Fail)

People are becoming quite tired of this campaign at this stage. They are hoping it will be over as quickly as possible and that a positive decision will be made. To assist in the campaign, the Joint Committee on European Union Affairs, of which I am a member and the sub-committee on the treaty published its report yesterday and this is available online. The sub-committee was chaired by Deputy Dominic Hannigan, the clerk to the committee is Mr. John Hamilton and its members were an excellent team from the Oireachtas. We put together a very good document on this treaty which has been well researched. We have been studying the various aspects of the treaty since early this year and before the treaty was even finalised. I compliment our representatives in Brussels, our negotiators, the Minister for Foreign Affairs and Trade and the Taoiseach and everyone who worked to achieve this treaty at this stage and which is vital to the national interest of Ireland. Of the 17 eurozone members, only 12 members must agree to this treaty for it to come into force. I would like Ireland to be one of the first members to ratify the treaty. Furthermore, the 4.5 million people in Ireland are the only ones of the 500 million people to have a say. I note that visitors from other countries have been here trying to persuade the Irish people to reject this treaty but all the people I have heard are totally anti-Europe. They are opposed to Europe and they regard the destruction of Europe as starting here on 31 May if the Irish people reject a positive, progressive treaty which is in the best interests of their country. In my view, the involvement of these visitors will assist the Government and the main opposition party in the campaign to have this treaty ratified.

The leaders of the main parties, Fianna Fáil, Fine Gael and the Labour Party, are promoting this treaty. The submissions and detailed comments by the members of the sub-committee are well worth reading and I hope the public will be given the opportunity to read the report which is available online.

It is important to stress the importance of the treaty which establishes the European Stability Mechanism as an element of a global strategy to strengthen the economic and monetary union. The granting of assistance in the framework of new government programmes under the European Stability Mechanism will be conditional as of 1 March 2013, on the ratification of this treaty by the contracting party concerned and as soon as the transposition period mentioned in Article 3.2 has expired, on compliance with the requirements of this article.

This is the key point in that it gives us access to a funding in the region of €700 billion after we finish our present programme with the troika, the European Union and the European Central Bank. Nobody else can guarantee funding. This was a point put to the leaders of other parties and others who are campaigning against the treaty. It is a case of if, but, and maybe. If we reject this treaty maybe we will receive money from the IMF. Why would the IMF provide funding of up to €16 billion to €18 billion after the end of 2013 if we do not get it on the bonds which would be the first step? It is highly unlikely the IMF would give us funding at a low rate if we reject access to the European Stability Mechanism. Such funding, if provided, would be at a very high interest rate. Nobody in the opposite camp in this campaign has given me or the public an idea of where the money will come from as it is purely aspirational.

In the ordinary line of business, if a person with access to very low interest rates on borrowings rejects that proposal and then goes to a commercial bank looking for funding, the bank would doubt that person's head for business.

Nobody in the opposite camp can explain this key point in this debate. The contributions by the Taoiseach and by Deputy Micheál Martin who is a former Minister have made the situation clear. Brian Lucey, the associate professor of finance in Trinity College, Dublin, stated on page 76 of the report:

Alternative funding is potentially available but it is a question of politics as to whether it would be provided. If we reject this treaty, Ireland could well move from being the poster boy for austerity to facing hard default which would be a political disaster for all concerned.

Those are the type of contributions that have been made by very eminent people. I have quoted directly from what he said in that regard. Above and beyond the economist's view, we must bear in mind the experience of the Taoiseach, the Tánaiste and the leader of the Fianna Fáil Party who is a former Minister for Foreign Affairs. Deputy Martin was involved in Lisbon I and assisted in ensuring that Lisbon II became a success, which it was after further consultation with the Irish people.

The Taoiseach, the Tánaiste and the Fianna Fáil leader are not trying to guide people into a decision on 31 May that would be detrimental; they are doing it in the best interests of the people. As a member of the main Opposition party in this House, I am pleased that I can call on Fianna Fáil supporters the length and breadth of Ireland to vote "Yes" on 31 May. They are voting "Yes" because Fianna Fáil has always had a proud tradition of supporting all referendums. Another political party which is opposing this treaty, has never supported any referendum in favour of the EU. It has always adopted a negative position as far as Europe is concerned. Therefore, according to the biblical saying, "By their works ye shall know them". We can judge them based on the work of Fine Gael and Fianna Fáil who have always supported the European Union, and the Labour Party which is supporting it now. I hope Labour Party supporters will realise that it is in the best interests of the Irish people to vote "Yes" on 31 May. I know the Labour Party has some work to do in that respect.

As the Taoiseach said, Europe needs to promote confidence for investors and the euro must be seen as a strong, credible and enduring currency. He also said that this treaty should be seen as a strong statement of intent. We are committed to the euro and will do whatever it takes to stabilise and defend it. Those comments are taken from page 51 of the report of the sub-committee.

I thank the Leader of the House for giving us this opportunity to debate the matter. The Taoiseach also said:

It is not true to say that Ireland can veto the adoption of the ESM treaty, nor is there any good reason why we should do so. The ESM is an insurance policy that would help to increase confidence in Ireland when we seek to return to the markets. Unanimity is required to amend Article 136 of the treaty on the function of the EU, but the ESM can go ahead without that.

That is a clear statement based on the legal advice of the Attorney General to the Taoiseach.

I urge people to vote "Yes" on 31 May. We are canvassing this weekend and will be intensifying our canvass in the coming period. I will be holding a public meeting in Roscommon town on Friday, 25 May in the Abbey Hotel to try to develop this issue further.