Joan Burton (Dublin West, Labour)

Last year, we collected €32 billion in taxes. The Minister is saying that commencing next year at least €5 billion will be spent on paying down interest. This means that one in every six euro collected in taxes will be used to pay off interest on the debt, including the bailout of Anglo Irish Bank. As the Minister stated, the Government is hoping the European Union will allow it to write off the promissory note. It is a shocking indictment of the Government's approach that one in every six euro of all taxes will go to pay down the debt. That is what the Minister is effectively saying.

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