Pearse Doherty (Donegal South West, Sinn Fein)

Perhaps I understand where the Labour Party is coming from, given that its pre-budget submission called for a reduction of €1.2 billion in capital spending.

Christmas has come early for the bondholders. We are repeatedly told that the banks need a fresh injection of capital. There have been so many injections that it has been more like a transfusion, that is, a transfusion of public wealth to bankrupt entities. The lifeblood of the economy has been drained to avoid defaulting on the holders of private debt. The Bill should rename the NPRF the "National Bank Transfusion Fund".

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