Kenny Welcomes Debt Deal For Ireland

Dublin Bay North Labour TD Seán Kenny, has welcomed the deal on the IBRC (formerly Anglo Irish Bank and Irish Nationwide) promissory notes as a commitment that has been delivered on and another step on the road to recovery.

Mr Kenny said: "The significance of this deal and the work that has gone into securing it cannot be underestimated. The deal will save Ireland €20 billion in borrowing costs over the coming decades and reduces the deficit by €1 billion every year. While there will still be cuts to spending over the next 2 years, the burden on Ireland has eased as a result of this deal. It puts our debts on a more sustainable footing. It will help us grow our economy and create jobs.

"I have no doubt that some will try to dispute the significance of this agreement but through the efforts of the Government there is a sustainable path forward on our debt which has been negotiated with reluctant partners in Europe.

"I think it is irresponsible of those in the Opposition who are trying to put it out there that the promissory notes could somehow be defaulted on or forgotten about. The reality is that they couldn't. To do so is not possible under EU law. The promissory notes were sovereign debt – they were made the responsibility of the Irish people by the last government - while it would be fantastic to simply not pay that back, the reality is that it must be paid back.

"I made a promise to the people who elected me in 2011. That promise was to play my part to sort out the awful mess that last government left Ireland. This deal is part of that promise. Labour in Government is solving these problems and today is another step towards the recovery of Ireland."

(CD/GK)