David Norris (Independent)
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I congratulate both speakers, Ms Ní Chasaide and Ms O'Neill, on one of the best presentations I have heard over a number of years. It was full of facts - the meat of the issue. The figures are incredible. I do not mean that I do not believe them, but that they are beyond imagination and very worrying. I have no idea what €4.8 trillion means.

It is just beyond comprehension. Underneath it there are a series of issues. For example, the witness said, very diplomatically, "while private loans can be advantageous to governments...". I presume that means they can do whatever they like with them and in some cases it can fund the lifestyles of dictators. I imagine the witnesses would agree that there should be some assessment of how this is of advantage to the people, because it is the people are who are important, not the government or the individual dictators.

There is also the question of vulture funds. I am pleased Ms Ní Chasaide raised that issue. That is extremely significant. These really are a blister - I was going to say a cancer, but it is not appropriate for me to say that at the moment. I sincerely hope that this NML Capital case against the Republic of Argentina is revisited by the American Supreme Court. That is shocking and immoral and it seems to me when confronted with this that it will never resolve itself until there is a major restructuring of the global financial system and its institutions. We are implicated in this because of our debt situation.

With regard to human rights abuses, that is one issue to which this committee is committed. I agree that we should have a response from the Minister for Foreign Affairs and Trade, Deputy Eamon Gilmore, who I imagine would be open to this. We could ask him to do that. There is an astonishing lack of oversight in terms of where the money is going, which I have mentioned already, and there is a complete lack of assessment of the environmental impact.

The suggestion that we have a full hearing on the tax situation would probably meet with the approval of the committee. I am aware that our colleague, Deputy Maureen O'Sullivan, who has had to leave, has made a significant study in this area and continues to raise the issue. I would certainly support a full hearing. Perhaps, the representatives could recommend the people, in addition to themselves, who would be most valuable to us.

I was making notes while the witnesses were speaking as to whether we could put together a composite resolution. I take it that the indented part of the last paragraph of the presentation is what the witnesses would like. Would it be satisfactory if the members agreed to pass this after discussion and, perhaps, amendment? Is this something the committee could do that would be useful? If so, I would be happy to propose it.