Dec 15: Kenny confirms bailout exit date as huge sacrifices ‘paying off’
In a televised address to the Fine Gael national conference in Limerick Mr Kenny said Ireland was “on track” to exit the bailout and while it didn’t mean the country’s financial troubles had ended, the bailout era was finished.
“And we won’t go back. It won’t mean that our financial troubles are over. Yes, there are still fragile times ahead. There’s still a long way to go,” he said.
“But at last, the era of the bailout will be no more. The economic emergency will be over.”
To prepare for the new era the Government would publish a new medium term economic strategy before the end of the year.
Mr Kenny also said while the outcome of the Seanad referendum was clear, he had asked that legislation be prepared that would allow all university graduates to vote in Seanad elections.
A referendum was passed 34 years ago to allow graduates of higher education in the State to vote in Seanad elections. “As a first small step I have asked that legislation be prepared to give effect to the 1979 decision of the Irish people to extend the Seanad electorate to all graduates,” said Mr Kenny to huge applause.
He acknowledged the public had yet to see evidence of economic progress in their day-to-day lives as people were living with lower salaries and higher costs. He said they were worried about the bills, the rent, the mortgage, the children and the elderly.
“But now the clear economic evidence shows your huge sacrifice is paying off,” he said, adding “Yes, we still have a long way to go. But because of what you did at your end of the bargain, finally, the better days are ahead.”
With audible chants of “Enda, Enda, Enda, out, out, out,” from anti-abortion protesters outside the venue, Mr Kenny said investors across the world were watching Ireland and clearly liked what they saw.
He noted the interest rate on Government bonds was down from 15% to less than 4% and said years of giveaway budgets “gave away nothing but our economic security, our children’s futures”.
While he hinted tomorrow’s Budget would be tough, he said the Government had surpassed all its financial targets.
“Because since coming to office, we have exceed all our budgetary targets,” he said, the Irish people could look forward to “normal budgeting by 2015”.
“Despite a tough international environment, our economy has started to grow. Irish exports are at an historic high, worth over €180bn,” he said.
Mr Kenny said central to economic recovery was the creation of jobs and there had been progress as the Live Register number had fallen every month for 15 consecutive months.
“Before we came to office, Ireland was losing 7,000 jobs a month. Now we are creating 3,000 new jobs every month. That’s a wage, hope, dignity being returned to 3,000 families this month, every month.”
Amid growing criticism in Germany of Ireland’s low corporation tax rate, Mr Kenny said the Government was strongly defending Ireland’s 12.5% rate which was “a key element of our jobs strategy”.
But Mr Kenny said that for families trying to keep a roof over their heads the biggest banking issue remained mortgage distress.
He said the Coalition had overhauled the bankruptcy laws and created the Personal Insolvency Service to rebalance the rights of borrower and lender.
With almost 100,000 mortgages in distress, Mr Kenny said: “We have made it very clear to banks, and they have agreed, that by the end of the year, they must have reached sustainable arrangements with the vast majority of mortgage holders in distress.”
