Bernard Durkan (Kildare North, Fine Gael)
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I am making a general comment. It is correct that the witnesses did not mention it, but I point out that there is a point that comes up repeatedly that is associated with that conversation. Every time it is commented on internationally, it appears as though we in some way are major contributors to what is seen as being unfair.

By way of comparison, what has been the private sector commitment, as opposed to the commitment from the public sector, the World Bank and the IMF, to debt cancellation?

On vulture funds, in principle, why are vulture funds so attractive to developing countries, for example, in the southern region? Is it because funds are not available through conventional sources? Is it a bit like the moneylenders in this country, and if so, why is that the case?

Why do we repeatedly talk about debt write-down when we in this country and other countries may well be in a position to have to seek funding from these same sources at a later date? For example, is it likely that the lenders will be benign and state that we have been very good and they will write off our debts and as a result one can expect that they will write it off in five years' time through the moneys they will lend to us now? That is not a position on which we can win.

I will proceed as quickly as I can. We hear a lot about private bondholders in the southern countries. By the way, I support the case that is going on in the United States. Of course, if they get away with it, they will try to extract the maximum, but the question that arises then is this: what is the regime of the country that is in debt to private bondholders or whomever? How did they get the funding in the first place? How did they qualify for such loans? Anybody applying for a loan, nationally or internationally, must justify his or her ability to pay, and a loan must be awarded on some criterion or other. What were the criteria? Have they changed, or are they being changed? What is the tax regime in the country concerned? What is the accountability in the country? For instance, I can think of numerous countries where, certainly, if I was asked to give a loan out of my pocket I would not do so. I can assure the Chairman there is very little in my pocket to give to anybody. I speak in the global context. If we are to be realistic, there must be an international understanding of the criteria that apply in all situations. We ourselves know this.

My last point relates to the diminution in Ireland's contribution to international aid. We were lucky to be able to hold the line we have, and this should be recognised. A considerable effort has been made to maintain Ireland's contribution to international aid. We have not been able to achieve the 0.7% of GDP target - it has not been possible - and we have slipped away. We will come back to this again. We have given a good example to others in the field as well. However, let us be serious about it. We were in a situation in the past four or five years which was also that faced by many of the countries of which we speak. The people of this country had to shoulder a burden that was excruciating, and the significant sacrifices they had to make are not generally recognised. We must also recognise that there are considerable burdens placed on others.

I cannot go on forever. Suffice it to say that I agree with many of the suggestions, but I strongly disagree with others on the basis that we might find ourselves at the receiving end of some of our own thought process at a later stage, and I would be worried about that.