Damien English (Meath West, Fine Gael)

I welcome the chance to say a few words in this debate. Deputy Sherlock has probably summarised much of what we feel on this side of the House. It is our age group that will suffer from all these decisions in the past two years culminating in this black Thursday or bleak Thursday or whatever one likes to call it. It will affect those aged under 45 or 50 with large mortgages and other debts. Everybody will suffer somewhat, but it will really affect our age group, our friends and colleagues, the people with whom we were in school and whom we represent. They and their children will take the hit for this.

I listened to the Taoiseach and the Minister for Finance suggest that it is all grand and is sorted now by spreading the cost over ten years. However, it is not that simple; the country is now in massive debt. The BBC news this morning claimed that Ireland was practically bankrupt. It is all very fine to say it is all sorted out, nicely tucked away, hidden and parked for ten or 15 years. As with NAMA the debt is parked to one side. While there is some small hope that NAMA will get back some of its money, it will not make profit despite what the Minister claims; it cannot and will not make profit. I hope still to be here in ten years' time when we find that out, but we, the taxpayers, will pay for it.

Earlier I asked the Minister what will be the total net cost per year for the next ten or 15 years on the current annual budget of this. I am not referring to the total amount given to bank bailouts; I know what that is. I want to know the approximate cost to the nation of doing that because I know it is not as simple as applying 4% or 5% to the total bailout. I ask the Minister to tell me and the people how much taxpayers' money will be spent every year before we get to invest any money in items such as social housing, parks, schools, hospitals etc. They will all become of secondary importance because the debt will need to be paid for first. It has not gone away and is not over today; it is just parked. A big dark cloud will be left long after the Government is gone and most of its Ministers are finished in politics. Instead it will be left to the rest of us to find ways to raise the moneys every year to pay it back. I do not believe the Government has yet realised how serious this is or even feels the pain felt by many people. Ministers do not live in the real world; most have not even probably driven a car in 14 years.

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