Arthur Morgan (Louth, Sinn Fein)

The Acting Chairman might tell me when I have a minute or so remaining. I thank him for allowing Deputy Doherty to continue. Well done to my colleague. He was on a flow.

Here we go again in the wrong direction. The Bill is supposed to restructure the banks. Sinn Féin would support that 100%, but the Bill is only partly about restructuring the banks, in that it has more to do with underwriting the lousy deal between the IMF, the EU institutions and the Government. It is a political and financial mugging of the people by those institutions. Instead of the Government standing up to defend the taxpayer, the economy and the future of both, it is choking them to facilitate the IMF's rip-off. The Bill is nothing more or less.

The banks have already paid bondholders some €60 billion. In most cases, they are zombie banks. It is what Anglo Irish Bank has been for a long time. We know about Allied Irish Bank and Bank of Ireland is only a short step behind it. The economy cannot support such a level of bailouts for banks that are insolvent. They are hanging on by dint of money invested in them by the ECB, although not through the ECB's generosity. The ECB is investing that money because the Irish taxpayer and the Government are underwriting the banks. No one else would stand over this situation. It is crazy and it should not occur. Sinn Féin has outlined a progressive and sensible path forward to deal with this situation. We would not waste money earned through the sweat and effort of the economy's taxpayers on zombie banks, yet that is what is being done.

A sensible approach would be to adopt Iceland's solution. By and large, Iceland told bondholders to take a walk. The past quarter has already seen it at 1.2% economic growth. Where are we? In a good scenario, we will be flat-lining or dipping for the next two years. Compare those two examples. The agenda of the ECB and the Commission was to protect the euro. They had no interest in the Irish people or the problems the two bodies would create in the economy for several generations. They could not care less. While we might expect such from the IMF, perhaps even from the ECB and the Commission, our so-called partners in Europe, surely the Government should have stood up in the negotiations and told the ECB and the Commission that Ireland would have nothing to do with the IMF. In terms of the money the ECB shovelled into our zombie banks, the Government should have pointed out that the former was the central bank over the euro area. The ECB could have made the call. It should have known better. The bottom line is that the ECB has a significant responsibility. It is at least as culpable as anyone else involved in the case. Did the Government point out this? What it did instead was to sign up to its deal with the IMF.

Deputy Doherty outlined how the Bill's provisions tie the hands of local authorities. A typical example is that local authorities in County Louth are imposing a 25% cut on staff wages. The cut will not be applied surgically. One can be sure it will be applied with an axe. That will happen in local authorities across the country with a consequential drop in public services. We are aware from what the Minister for Health and Children has said about the significant burden that will affect the Health Service Executive. Therefore, health services will take a substantial hit as well. Meanwhile, back at the ranch there is also talk of selling off the ESB, Coillte and Bord Gáis - all providers of critical essential services. One would think the Government would have learned something from its predecessor selling off Eircom. Where is the common sense in that approach?

I would have expected an initiative to try to grow the economy. There is no hint of the need to create jobs and provide a stimulus package. From the record of the IMF internationally it is clear that it could not care less about growth. All it wants is its pound of flesh.

The issue of rip-off charges in terms of the interest rate of the ECB and the institutions was raised this morning on Leaders' Questions. That is scandalous and unacceptable.

I hope the Bill will be rejected. It is regrettable that we do not have more time to deal with the legislation comprehensively, given that we will only reach one or two of the amendments.

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