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

I thank the Leas-Chathaoirleach for the opportunity to come before the House to set out in a comprehensive way the Government's position following the decision taken last week concerning the promissory notes. The elimination of the promissory notes last week meant it was a good week for our country and people. As a people, we can look forward once again with positive expectations. The promissory notes in Anglo Irish Bank and Irish Nationwide Building Society served as a millstone around the neck of the Irish taxpayer. This burden has eroded confidence and limited the economy's ability to grow. The Government has now succeeded in alleviating this burden and placing the State in a position where the debt is more manageable and the State is provided with the space and time to recover and grow.

I note that all respected economic and political analysts have recognised last week's agreement to be the best possible outcome for the country. This shows what we can achieve as a country and a Government when we work together towards a common objective. The Government has rid Ireland of the annual 31 March promissory note repayment, has reduced the State's cash borrowing requirement by ¤20 billion over the next ten years, has brought the State ¤1 billion closer to meeting its deficit targets and has consigned Anglo Irish Bank and Irish Nationwide Building Society to history.

I recognise that some on the Opposition benches have acknowledged the significant benefits of last week's deal for this country. It is a shame that others on other parts of the Opposition benches seem incapable of recognising this positive development for fear it may have an impact on their electoral strategy of negativity.

It is truly appalling to devise a strategy of winning seats on the basis of hoping for the worst possible outcome for one?s country.