Catherine Murphy (Kildare North, Independent)

The one big question I keep asking myself is what are we not being told. As citizens of this State, we have an entitlement to know what is being done on our behalf. On Monday, the television news highlighted the Exchequer returns, showing a deficit of €7 billion for this quarter, €3 billion of which was accounted for by a transfer to Anglo Irish Bank and Irish Nationwide Building Society, INBS, the first of ten instalments due to be transferred in March of each year. We also saw the impact of the €6 billion adjustment on the pockets of citizens following the December budget. The universal social charge, USC, and adjustments in income taxes have put a large hole in the pockets of ordinary people, yet this was only the first instalment of a set of austerity measures set to continue until 2015 intended to deal with just the gap in day-to-day funding.

We are beginning to see the impact on services. For example, it appears from anecdotal evidence that those making claims for carer's allowance are routinely being turned down. A large backlog of appeals is building up, the outcomes of which it will be impossible to capture data on for some months. In the same news package, we were told that our hospitals will begin enforcing ward closures. Children with special needs, including those with profound disabilities in, for example, St. Raphael's special school in Celbridge, are already paying the price.

The impact follows a €6 billion adjustment, but the known liability of the banks is €70 billion, some 11.5 times the adjustment sum and still counting. In addition to supporting a growing army of unemployed people, almost half of whom are unfortunately long-term unemployed, we will have a significant interest liability in 2012. Is it credible that a small country of just 4.5 million people can sustain even the interest charges on this debt, never mind repaying the principal? Those who claim it is just about manageable should knock on a few doors and tell that to the people on whose behalf they are making the claim, people who are struggling to repay their mortgages and pay their bills.

The main reason I am seeking the referendum on the issue of bailing out the banks is my belief that the citizens have an entitlement to know the liability they are taking on. They are also entitled to know the impact the debt will have. The issue of debt sustainability has prompted commentators, both in Ireland and within the political and financial worlds, to state in recent days that the debt cannot be repaid in full. Many commentators, who are not left-wingers just in case the House believes I am being selective, have predicted that this injection of cash will push us towards the inevitable sovereign default. According to Mr. Jim Power, for example, we currently have a national debt of €94.5 billion and it is likely we will have to borrow another €50 billion to keep the country running. This brings our national debt to €145 billion and if the €70 billion to bail out banks is superimposed, our sovereign debt comes to €220 billion. According to Mr. Power, it is not possible for the Irish economy to carry that amount of debt. That is a fact which primary school pupils could work out, which is why I cannot understand the reason this Government is embarking down this disastrous road. It is a continuation of the last Government's actions. I am reminded of defining madness as somebody repeating an act again and again while expecting a different result.

The general election was not a referendum on the handling of the bank debt despite comments to this effect from several people. The Minister for Transport, Deputy Varadkar, stated that not one more cent would be given to banks and there were also promises on how senior bondholders would be treated; it was either Labour's way or Frankfurt's way. People were told one thing during the election but we are seeing something entirely different now.

We have been told that if we are good Europeans and honour bank debt, by 2013 we will have saved the euro. However, we will have made a pauper of the nation just as we find the European Union insisting that burden sharing be a requirement. That will only happen in the future and we will have copper-fastened bank debt to sovereign debt in an act that will not be reversible. The question has been asked of where we will get money to pay gardaí, teachers, nurses, pensioners, carers and those on disability if we default. The same question must be asked of those who are putting us on a path where default on bank debt is possible but where sovereign debt default will be inevitable. The question will be asked, although perhaps not today.

The Minister for Finance is a smart man and there are plenty of smart people on the Government side. The question I ask repeatedly regards what we are not being told.

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