Tony Mulcahy (Fine Gael)

Our difficulty is that we spend €50 billion, but we raise €36 billion in tax. We must borrow money. Let us deal with the island of Ireland and its budget. This is what is involved. We must borrow that amount this year, next year and the following year within an agreed programme. To be honest, anybody who advocates a "No" vote, even though I have the greatest respect for my colleagues, is grossly irresponsible. I will never play Russian roulette with the economy and its people. However, that is what we chancing. It is too much of a risk to take in any shape or form.

The cost of Irish bonds on the bond market this morning is 7.5%. Even if we wanted to go back into the bond market, we would be raving lunatics to do so when we can access the funds at 3.2%. It is a very simple decision, and I hope the people of Ireland see it that way. However, I am deeply concerned. I do not think people understand that simple message, because they have been given the convoluted message that if they vote against austerity they will vote away the household and other charges. In fact, they will not. If the €50 billion has to be collected on the island of Ireland in five years' time, those charges will probably have to be multiplied by ten. Ireland would become Greece overnight if it cannot borrow that money. Let there be no mistake about that. We are accused that we are trying to scare people. I am not trying to scare anybody. I am trying to tell the truth, and that is the truth.

We are given the option of going down one of two roads. If we go down one road, it will be a mystery tour where one jumps into the black hole and hopes it will work out. One hopes that somebody might deal with one, but at a price. If we go down the other road, we will have a guaranteed line of income and stream of funding. I do not see that there is any choice. I seek one answer from the naysayers to the following question: where will we get the money and at what rate will we get it when we need it in three years? That is the only question I want those on the "No" side to answer. If they can tell me that and if there is a better deal available, I might reconsider my position.