Pearse Doherty (Donegal South West, Sinn Fein)

The Minister well knows that we are not calling for a lifting of the guarantee for depositors. A banking resolution Bill could be introduced, legislation Sinn Féin has been seeking for some time, to distinguish between creditors and bondholders. We are speaking here about the gamblers in Irish banks who have taken out investments or taken a punt which has come up wrong. The State is to guarantee new debt in those private institutions, thereby walking us down the road of a possible sovereign default rather than that for which Sinn Féin is arguing, namely, an orderly banking default in relation to the bank and private debt. It is disingenuous of the Minister to muddle the issue and to suggest we are asking that depositors in the banks take the hit. The Minister knows well that we are asking that bondholders not be guaranteed and that the guarantee not be extended. The Government has the option of bringing in a different guarantee that would distinguish between depositors and bondholders, senior debt and creditors and depositors and banks.

See this speech in context