John Gilroy (Labour) | Oireachtas source

I have noticed in recent days that some commentators in the House and a Deputy who was on radio this morning demonstrated a lack of understanding of the financial position. Despite their lack of understanding, it does not prevent them from making authoritative-sounding pronouncements. Some commentators suggest that if we do not pay the promissory notes next year there will be no need for a stringent budget. That is either patently untrue or demonstrates a lack of understanding or a lack of honesty. Whether we pay the promissory notes has no bearing on the fact that we must close the fiscal deficit by ¤3.5 billion as agreed by all parties. The mechanism by which it is done is the budget. Those who say there is a link between the promissory notes and the budget demonstrates a lack of understanding or a lack of honesty. I call for a debate on the debt strategy in the near future.