John Gilroy (Labour) | Oireachtas source

I joint colleagues in congratulating the Ireland cricket team on its remarkable win this morning. Cricket has a long tradition in Ireland. It is remarkable that in areas where hurling is particularly strong, cricket was also very strong in the past. It should be noted that the competition for the Ashes, which involves England and Australia and which is played every four years, was begun by Ivo Francis Walter Bligh, the eighth Lord Darnley, who had his estates in Athboy, County Meath. Indeed, County Meath would be known as a hotbed of Irish cricket.

I am sure Members on all sides will agree with Senator Norris that the current Government should be returned to office. The Senator also referred to the yield on ten-year Irish bonds falling below 1% for the first time. Four years ago, that yield stood at 16%. The yield on ten-year bonds reflects the level of risk involved. The fact that the yield on Irish bonds has fallen to 1% shows that the risk relating to this country defaulting on its debt is extremely low. The yield also reflects the economic and political stability in Ireland at present. The reduction in our bond yields is attributable to the sound - often tortuous - policies the Government has introduced. There is no doubt these policies have inflicted a great deal of pain on Irish people but it is important to note that the country is recovering, that unemployment levels are falling and that all the indicators show we are doing well. If we had stated that we would be in this position only four years ago, no one would have believed us. Perhaps the Leader will arrange a debate in the near future on the direction our economic policy is taking.