John Gilroy (Labour) | Oireachtas source

Interest rates on our debt have fallen by more than 10% in the past 12 months. Rates this morning were at approximately 4.47%, and the returning confidence is a result of sound stewardship of the economy under our Government. We have seen an oversubscribed return to the financial markets by two of the pillar banks without the cover of the guarantee. It is likely we will be able to exit the guarantee scheme very soon and perhaps as early as the first quarter next year. That may be optimistic but the indications are in that direction. I am happy about that.

If we thought the recovery was down to other factors, as the Opposition might suggest, we could look at some of the suggestions from non-Government parties about how to approach this. There was an argument for burning the bondholders and rejecting the European Stability Mechanism. Even this morning, somebody in this House called on people not to pay their mortgages. This plays well with sections of the public but if we take on board such advice, we would be in a very different place, perhaps even south of where Greece is now. Nobody wants that.

I notice that in the other House this morning the Fianna Fáil spokesperson was critical of the position taken by the Labour Party. It disappoints me that Senator Byrne continues to be disappointed-----