Tom Hayes (Tipperary South, Fine Gael)

I welcome the opportunity to say a few words on the important topic of the banking system and to express the needs and concerns of ordinary people. It is mild to describe people as being outraged about events in the banking sector. They are at a loss to know what the end game will be. While members of the Opposition shout at the Government and one another, every Deputy must be fair and open, tell the truth and say whether something is possible. We hear much about burning bondholders. There is no better line for any politician, as he or she would be in every newspaper, on every television and radio programme, receive publicity everywhere and romp home in the next election. However, the reality is that burning bondholders is not good. What is good for the people is the important issue.

Think back to the difficult days of the 1980s. I was involved in farming at that time and saw many farmers getting into deep trouble. Those who reneged on the banks got deeper into trouble whereas those who negotiated with their banks reached a resolution on a way out. This is a small example of what we should tell people the country should do. I am not an expert in banking, but I know how to run a small business or small farm. Our country is no different, in that one should renegotiate and speak with people. Every Deputy must agree that we cannot burn the bondholders and that we should renegotiate with the people who gave us the money. As a country, we will then begin to dig ourselves out of this sizeable difficulty. We will create jobs and an environment in which the many young people leaving our shores every week for Australia, Canada, New York, London or wherever via Dublin Airport, Shannon Airport or Cork Airport can find work at home. In the coming weeks, an important jobs budget will be before the House. We will be sending a signal that we are serious about our business.

We must stop discussing the burning of bondholders. It cannot happen. It is mighty for headlines and newspapers, but it cannot and will not happen. I hope it does not happen. If it does, our country will never get another bob. This is a solid fact. People need to be more honest and straightforward about the matter.

See this speech in context