Seanad debates

Thursday, 14 February 2013

Promissory Note Arrangement: Statements

 

11:50 am

Photo of Thomas ByrneThomas Byrne (Fianna Fail) | Oireachtas source

Members of the public want this deal explained to them in detail and have reacted in a manner similar to the manner in which my party reacted. They, too, have given it a qualified welcome because they want to know the details and how the deal will impact on their lives. A great deal of disappointment has been expressed about the reaction of the Labour Party, both in Cabinet and in the Dáil, when it engaged in triumphalism and popped open the champagne. It was also unfortunate that the Tánaiste attacked Labour Party Deputies who voted against the budget. People watched proceedings on television in their hundreds of thousands as they sought to find out what the deal will mean for them. Like my party, they are prepared to wish the Government well and congratulate it when it records an achievement. However, they want the know the details, including what impact the deal will have on the budget in December. No one seems to be able to answer this question.

Will the ¤1 billion available in each of the next two years be deducted from the deficit. While a good case can be made for such an approach, I would prefer if this money were used for a rigorous, targeted programme of investment in jobs. Unlike some of the previous job initiatives, however, it should be made clear how many jobs such a programme would create. People want information and for this reason, they deserve to have longer debates in the House. They will congratulate the Government if they believe congratulations are in order but they want to know how the deal will affect them personally. This information has not been provided. Senator Darragh O'Brien made a useful proposal that the Joint Committee on Finance, Public Expenditure and Reform examine the deal in detail. I believe members of the public would watch proceedings in droves if that proposal were accepted.

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