Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Cuirim fáilte roimh an toscaireacht. We are probably at odds over its version of what happened to its bank consequent to the action of the Government. The delegates claimed the recapitalisation moneys were an investment. It was not a voluntary investment by the State; the bank would not have existed without it. It was bust and came knocking at the State’s door for taxpayers’ money at the time in question. It is not just a case of getting the tax money back. Owing to what occurred and the activity of Bank of Ireland and others, the State went bust. It was not able to borrow on the markets because its debt ratio was too big. The consequences are felt every day in every community. It is important that we have this discussion in the appropriate context. Today we are dealing with some of the consequences in terms of mortgage arrears.

Let me focus on some of the relevant issues. There was considerable talk about debt write-off. Does Bank of Ireland write-off unsecured debt?