Jimmy Harte (Labour) | Oireachtas source

The truth may hurt, Senator, but I will continue to repeat it. The previous Administration signed the promissory note and told taxpayers it had to make tough decisions and that it had no choice but to pay it off over ten years. It also said the agreement could not be renegotiated. As in Samuel Beckett's play, Waiting for Godot, nothing happened. The previous Administration was supported by Sinn Féin in terms of its actions on the night of the bank guarantee. Those unqualified experts who suggested we throw the IMF out of the country because it only destroys countries and that this deal could not be renegotiated have been proven wrong. This did not happen by fluke. It was the result of hard work by the Minister for Finance, Deputy Noonan, Minister for Public Expenditure and Reform, Deputy Howlin, the Taoiseach and the Tánaiste and members of the Government parties. It would suit the political agenda of some if this deal had not been achieved.

I was recently asked to explain this deal to a gentleman. The man concerned purchased his house in 1973 for £3,500, which was the equivalent at that time of more than three years wages. He said he did not anticipate at that time that he would ever in his life be able to pay off that £3,500 loan with a lump sum. Had he listened to commentators of the time he would have rented rather than bought his house and would not own a property 40 years later.

This deal, in the context of straight economics, is a good deal. While it is not the perfect solution, it is a step forward.