Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Last night, the cost was 4.6%. We are slowly beginning to present this country as less of a sovereign risk and more as a sovereign opportunity. This year, the NTMA has raised in excess of ¤5.5 billion at a time when alleged commentators in Europe said we would need a second bailout, which is looking increasingly unlikely, and that no money would be raised this year. Some ¤5.5 billion has been raised this year, admittedly in short-term paper. It is another example of the incremental progress we are trying to make as a Government, given the appalling legacy and mess left by the previous Administration. The motion we are asking the House to accept, in terms of advancing the position and getting to a point next year when this will no longer be needed for the banking liabilities, will be seen as a positive step in that direction. It will be another milestone towards recovery and away from the bankruptcy the Government found when it first came to office.

Senator Kathryn Reilly asked about the conditions we are awaiting before exiting the scheme. We are in the midst of ongoing discussions with the EU about managing the sovereign crisis across the European Union, particularly in Greece and Spain, as we have seen over the past week. The outcome of the eurozone Ministers meeting and the deal reached to put money into Spanish banks, while at the same time agreeing in principle on a debt reduction programme for Greece, is the type of improvement we need in the general financial environment. Once we see economic stability return to the Union and the eurozone, this country, more than any other country, because of our exposure to exports and because we are a small, open, trading economy, will benefit more than any other because of our exporting potential. We have a solid economy in this country. There is a strong private sector economy waiting to emerge when it sees stability re-emerge across the EU. The conditions at the eurozone level, in terms of Spain and Greece, help us greatly in our task to reposition the country.

On the question of fees, the State obtains ¤1 billion per year for the provision of the ELG. By the end of January or February, if the guarantee no longer existed, we would still obtain fees from the existence of the guarantee because it is on a five-year maturity basis and only comes to an end at the end of five years, even if the guarantee is no longer in place. It is not the case that the income the State receives from the guarantee will completely disappear overnight. The State will be weaned off and we are factoring that into the macroeconomic framework in terms of next year and the resources available to it.

I ask the House to accept that Ireland is a small country that has come to an appalling time in its economic history. Dreadful mistakes were made in terms of the decisions taken, as Senator Barrett and others said. We will come back from this and the only way to come back is to have a viable banking sector. That is why the decisions the Government has taken in terms of restructuring the banking sector in Ireland are essential to recovery. What do we want more than anything else? We want our money back. We want the money invested in these banks over a period of years to be returned so that, for taxpayers in the future, the funds can be used for investment, jobs and development purposes. That is the ambition of the Government and the passage of the motion will help us to reposition the Irish banking sector towards more normal, profitable and positive territory.