After the elation, back-slapping and self-congratulation on the Government benches last week on the promissory note deal or I should perhaps say re-mortgaging of our debt, people are, rightly, asking what the impact of this reconfiguration and restructuring of our debt will be on their lives in the coming years. As the Taoiseach is probably aware, what has been inflicted on the people in the past three years has been nothing short of horrendous. There is poverty in most communities; 250 people are leaving the country every day, and there has been a sharp increase in suicide rates linked with the recession. People see no end to tax increases, cuts in welfare payments and wages. In recent days we have heard many vague statements that the bank deal will boost prospects for growth and job creation and that money saved will be spent on public services. Is it not time that we heard some specifics?

We have been told, for instance, that last week's deal will ease the pressure on the nation's finances, that the hypothetical wolf is no longer knocking on the Government's door. The Taoiseach has said the Government's restructuring of the deficit will mean that approximately €1 billion will be saved every year and that our borrowings will be €20 billion lower. What people want to know is what is planned for these sums of money which will not be leaving the Exchequer. Are there plans to slow down the pace of fiscal adjustment with easier budgets in 2014 and 2015? Will some of the money be put to use to ease the pressure on individual finances such as restoring some welfare benefits or a clawing back on the increase in VAT to 23% which is destroying job creation and spending in the economy? Will the Taoiseach make a commitment to prioritise job creation, given that the latest figures show that 14.5% of people are out of work? These are reasonable questions for people who have suffered a great deal and been led to believe the deal will benefit all the people of the country. Under the last Government, people had high expectations for the Taoiseach that things would change for the better. They expect something back on this occasion. Will they be let down?

The Deputy is a decent man and one of the few who did not suffer from depression because the Government had achieved what it had set out to 18 months ago. I do not know how Deputy Shane Ross is getting on in the meetings around the country with the four mad, wise or angry men - or whatever they are called - or if they are still meeting.

He is getting on well; he is up six points in the polls.

Does he have an audience now?

The Government set out 18 months ago a very clear strategy for its intention to restructure and re-engineer the promissory notes in order that the State would not have to borrow €3.1 billion every March and repay it based on these notes at high interest rates and continue to do so until 2023 and beyond to an amount of €48 billion in all. The whole Government was involved in the connections needed to build an understanding at European level, including the Minister and officials of the Department of Finance, the Governor and officials of the Central Bank and everybody else. I am glad that happened. It is a relief that markets are now looking at Ireland and seeing that we will need €20 billion less than was factored in in the next ten years, which makes the country even more attractive as a location for investment. That will be the big impact. Standard & Poor's has changed Ireland's rating slightly even since this happened. A great deal of interest has been expressed from the United States of America in the decision and the signal it sends. The consequence is that it will have an impact on our rate of growth, tax position and deficit and lead to jobs and stability.

That is where the real focus is. It is not acceptable to have an unemployment rate of 14.6%, more than 400,000 on the live register. It is a challenge of unprecedented proportions. Added to that are the numbers who have left, who have emigrated or who had no sense of hope here. The restructuring and re-engineering of the promissory notes is a major economic relief. It will impact on the budget deficit and on our growth rate and tax position. The €1 billion saved will bring us €1 billion nearer to getting our deficit down to 3% by 2015. We are only six weeks into the new year and I do not want to speculate in any way on the situation for next year's budget. The Government's emphasis is on jobs, growth and freeing up access to credit. Semi-State bodies, banks and other lending institutions will now have greater leverage to access credit themselves to pump into the economy, either through lending or investment which will have an impact on jobs. Hopefully some of that can filter down to the Deputy's constituency which has had a difficult time in recent years.

The definitive question that focused most people's minds, whether they were economists, politicians or ordinary everyday people was how we were going to effect an exit from the austerity that affected everybody. It was felt that if some deal was done on the promissory notes, whether through reconstruction or whatever, irrespective of whether some people agreed with it - I happen to believe that passing on the debt is not a good idea - within the two and a half years left to the Government, some specifics would be put in place to boost people's mental energy levels. They are depressed and downtrodden because of what has happened through greed and avarice in our society. People cannot wait three months, six months or a year to hear good news if any good news will come out of this at all. We need to hear it now. Those on the Government benches said that if we could get a reconstruction or reconfiguration of the deal on promissory notes the benefits would be passed on to the Irish people. People need to be told this over a short period.

Show us the money.

The debate on the promissory notes takes place later today. The removal of the notes which will be exchanged for long-term Government bonds has an average maturity of 34 or 35 years instead of the seven to eight years' average maturity on what was there. The reduction in the State's general deficit of approximately €1 billion which is 0.6% of GDP per annum will bring us €1 billion closer to getting down to the 3% by 2015. The requirement now is for €20 billion less of borrowing over the next decade which is important.

I agree with Deputy Halligan that it would be lovely to have good news every day. I can certainly confirm for the Deputy that in respect of the difficulties the south east has faced for quite some time, potential investors have laid significant emphasis on the area. Some like the place, some do not. The Deputy says that three weeks or three months is too long to wait. If he waits an hour and a half he might hear an interesting announcement about that part of the world.

Deputy Halligan can get the newsletter out.

Deputy Finian McGrath should sit up. We cannot hear him.

The real test and challenge to us all is to get into the business of creating the confidence and the investment climate in which jobs can be created.

Deputy Finian McGrath should know that it is a game of two halves.

The improved perception of the country from outside means that banks, semi-State companies and lenders can have greater access to, and flexibility in getting, credit. I note the comments of the Governor of the Central Bank in respect of the focus now. We are dealing with investment opportunities through the Cabinet sub-committee. We would like to think that in the Finance Bill coming before the House this week there will be further opportunities opened up for job creation and investment. This affects everybody. National morale lifts as a consequence. I agree that it would be lovely to have a magic wand to deal with this but unfortunately in politics and reality one has to take a very different course. I am happy that after 18 months of very tough, persistent discussion and negotiation the European Central Bank unanimously approved the deal in respect of Ireland. That is a help. We still have a very long way to go and believe me there is no room for complacency nor will there be.