Pearse Doherty (Donegal South West, Sinn Fein)

Ba mhaith liom mo chuid ama a roinnt leis an Teachta Arthur Morgan agus an Teachta Finian McGrath. Let us be clear, this legislation underpins the bankrupt banking strategy of the Government. It represents the official seal of approval of the bailout plan and it ratifies it in Irish law. I examined section 67, to which the Minister referred earlier and I wondered what the Minister, Deputy John Gormley, would make of it. He has referred to his desire and vision to grow and empower local authorities. This section stipulates that any local authority that wishes to mortgage one of its premises must seek the approval of the IMF before so doing. The depths to which this bailout or sell-out is reaching with regard to the constraints on local government is appalling.

Ní le muintir na hÉireann fiacha na mbanc, sin an príomhphointe atá agam. Simply put, bank debt cannot be public debt. We must find a way to separate the national debt from financial debt. We must ask ourselves how the reputation of a financial area can be made more solid by rewarding banking failure rather than success. The EU-IMF bailout is not a bailout for the people. It will not secure social welfare, nurses' wages or the provision of education. It will not help those on low income who are struggling. However, it will provide money to the Government to pursue its current banking policy. Such is the essence of this legislation. Parts of this legislation are welcome. We referred to them in our briefing with the Minister for Finance. In general, however, the Bill is too little, too late. The decision to make Ireland's citizens pay for the recklessness of the State's bankers is entirely a political one. There is no economic imperative that says the bondholders cannot be burned and taxpayers must carry the burden. This is a political decision being imposed by the ECB and the IMF. Lenders should face fully the consequences that bad investments are meant to face in a capitalist, free market economy. They are not shy about taking the rewards in the good times, so they should not be shy about taking the knocks in the hard times. This means burning the bank bondholders as an alternative to several generations of Irish people struggling to repay billions of euro.

The Government refers to burden sharing, but there was no profit sharing when things were good. My party and I have tabled more than 40 amendments, which make a clear distinction on burden sharing to ensure senior bondholders are included. We have not heard this distinction being made by any other Opposition party because the corrupt, bankrupt policies of the Government will be followed by Fine Gael and Labour. The idea of investing taxpayers' money to bail out the gamblers in Anglo Irish Bank, whether they are subordinated or senior bondholders, is morally wrong.

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