Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

The cost of funds deriving from deposits is far higher than the cost of funds directly from the European Central Bank. Representatives of the pillar banks appeared before the committee last week and they said they cannot envisage interest rates, particularly those applicable to mortgages, going down in the short, medium or long term. To the contrary, they envisage them increasing. That will impose a greater burden.

We have talked about debt, which can be sustainable, but in this case it is crippling sustainability. We are asking a racehorse to do a mule's job. It does not apply to a modern society trying to develop itself. Ultimately, we must revise strategy and talk to the European Central Bank to get further funding directly from it. That can only apply if we are on fixed line strategy with the ESM to take shareholding, as opposed to the investment from private stakeholders who will ultimately benefit on the back of the negligent lending of the past.