Today Ireland took another historic step towards righting the wrongs of the past, with the deal on the legacy debt of the Irish Banking Resolution Corporation. It will mean a cash flow benefit of €20 billion over the next 20 years and reduces the deficit by €1 billion per annum.

The remains of Anglo Irish Bank and Irish Nationwide have been liquidated, and a line drawn under the disastrous bank guarantee that resulted in the toxic debts of these institutions being foisted on the Irish people.

There are those who 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. It is irresponsible of those in the Opposition who are trying to spin that the Promissory Notes could somehow be defaulted on or forgotten about.

It is our responsibility to continue to clean up the mess we inherited and that is the promise I made to my electorate in 2011. Bit by bit we are solving these problems and today is another step towards recovery.