Joe O'Toole (Independent)

In dealing with the banks, as many on both sides of the House have stated in the past few months, €50 billion, €60 billion or €70 billion of the money we are paying back is going to German and French banks. Of course, they do not want us to default or see a rescheduling, as it would not be in the interests of their people. Chancellor Merkel faces four or five Lånder elections between now and the end of the year and many of her supposedly European concerns are actually local concerns.

The other point that we need to make clear to everybody - it should be stated and reported on - is that the actual rate of corporation tax in France is far closer to 7% or 8%. In real terms, therefore, the corporation tax rate is lower in France than in this country. President Sarkozy is simply playing a game; he is third in the opinion polls behind Ms Le Pen. That really is the issue.

We need to be absolutely clear that the issues being dealt with by the European Union in the context raised by Senator Regan yesterday should be addressed with European objectives in mind and also state that unless Ireland can get back on track, there will be no payback. Call it burning or whatever one likes, but there must be a rescheduling.

While I will not take the initiative, this House should discuss the Moriarty tribunal report. I am not suggesting we do so today, but I ask the Leader to consider the matter. Some 30 Members could sign such a request. I support the view that this House should return to discuss the issue which is uppermost in the mind of every citizen.