Maurice Cummins (Fine Gael) | Oireachtas source

As I have limited time, I would like to be able to complete what I have to say. I know the Senator's interest in the ratings agencies.

The Irish State and companies operating in Ireland will be able to raise finance now for investment and lending and this has the potential to make a very real impact in job creation, of that there is no question. The Department of Finance estimates that the general Government deficit will improve by approximately ¤1 billion per annum over the coming years, which will bring us ¤1 billion closer to attaining the 3% deficit reduction target by 2015. This means that expenditure reductions and tax increases will be of the order of ¤1 billion less to meet the 3% deficit. It must be pointed out, however, that this has to be taken in light of the general Government deficits of ¤8.9 billion and ¤5.3 billion in 2014 and 2015, which are envisaged, which means that we will still continue to spend more than we take in in taxation. We all know that is not sustainable and it will have to be addressed as a matter of priority. That is a priority of the Government. The deal on the promissory notes will help to bring the public finances closer to a sustainable position and that is what this deal is all about.

I commend the Minister, Deputy Noonan, and the Taoiseach, the Tánaiste and all the Ministers for their diplomatic efforts. I said more than 18 months ago that this is not a sprint, this is a marathon, and it has borne fruit and it will continue to do so. We have a long way to go and this will be done.