Peter Mathews (Dublin South, Independent) | Oireachtas source

Please, I have been fired from this committee. I am asking the questions that matter for the future of the people. The economy is very sick and households are distressed and hopelessly in debt.

Three weeks after its publication on 25 August 2011 a paper on the real effects of debt by Cecchetti, Mohanty and Zampolli was dismissed by the Minister for Finance as "kindergarten economics". That is precisely where we stand. Household debt and business debt are crushing the economy.

How much of the €95 billion to which reference has been made is for the corporate and SME sectors? If the amount involved is in the region of €30 billion - I am probably being generous in referring to such a figure - the write-off of €475 million is a very hefty percentage. I do not know what Bank of Ireland is doing, but it has a problem. The sector needs more capital and it must come - I will get down on my knees and plead with the Minister and the Taoiseach to be courageous and take this route - from the euro system. Creditors always buy in when a business needs to be refinanced in a proper manner.

The banks are obviously operating under personal, professional and capital strain. I do not believe ours is the best capitalised banking system. If there is negative equity of €200,000 in a house that is now worth only €200,000 and if the loan involved is €400,000, that loan should be written down by 66%. The amount that the banking sector-----