Bruton: Ireland to honour sovereign debt

FORMER Taoiseach John Bruton recently appointed chairman of IFSC Ireland, told delegates at the IBEC Back to Business conference that Ireland would honour its sovereign debt.

“There are countries in Africa who are repaying their debts on time,” he said. “We will repay all out debts on time and those who are gambling today on the possibility that we won’t are going to lose a lot of money.

“We have a lot going for us; and we should not underestimate the fact that our political system is playing its part.”

All parties, from Sinn Féin down, have made clear their support for collective action to resolve the budget crisis facing the country, he said.

“Given that we fought a war of independence to get the sovereign right to be able to borrow, I think that we are going to be a country that will be very insistent that we accompany that right with the exercise of that responsibility that we replay every penny on time,” he said.

Finance Minister Brian Lenihan who was a surprise visitor to the high-powered line-up of top executives also stressed the determination of the state to honour all of its debts without exception.

On the need for public sector reform Sean O’Driscoll, chief executive Glen Dimplex, said we should “never again have a review body to set the pay of the public sector”.

Given the pressures on the national debt the country has to realise that the public sector needs to be “fixed, not reformed”.

Speaking about the company and what has driven its success, Mr O’Driscoll said its ethos was never to avoid hard decisions.

The group maintained a relentless focus on costs while keeping a sharp eye on markets and coming up with products that meet consumers’ needs.

During questions and answer sessions it was pointed out this economy is thriving across many sectors including R&D.