Aideen Hayden (Labour) | Oireachtas source

Other critics suggest we have socialised the bank debt and kicked the can forward. The fact remains that Irish bank debt has been part of sovereign debt since that fateful night in September 2008. Accusations by the Opposition that the Government has moved not to remove the burden from the Irish people but to add to it are rubbish. This is an argument that suits certain Opposition parties who want to appeal to a certain cohort of the Irish people who are rightly angry about what has happened to this economy and the lives of ordinary people, but it does not serve the truth.

While this new arrangement on the promissory notes is welcome, it is to be hoped it is only the beginning of wider reform of the European banking sector which will result ultimately in a more sustainable deal on overall Irish bank debt. Moreover, the decision by EU finance Ministers in January 2013 to consider extending the term of Ireland's bailout loans may be more important than the deal on the promissory notes and could, it is estimated, reduce the State's funding needs by ¤43 billion more than the ¤20 billion provided for in the current deal. What is important is that we now have new hope, the end is in sight and there is light at the end of the tunnel.

I regret the limited time provided for this debate. It has been suggested that the Government's estimated reduction of ¤1 billion in the general Government deficit per annum is overstated. For example, Davy have presented other figures. It would beneficial time if time was allowed for a more lengthy debate during which we could delve into some of the particulars of the deal.