Pearse Doherty (Donegal South West, Sinn Fein)

Iarraim go gcuirfear an Dáil ar athló faoi Bhun Ordú leis an ceist práinneach seo a phlé, namely, the imminent injection of €19 billion of taxpayers' moneys into the covered institutions without any Dáil debate or scrutiny on the matter. Given that €10 billion of this injection will be taken from the National Pensions Reserve Fund and the remainder borrowed at very high interest rates, it is unacceptable that the transfer of these funds into the four banks will take place when the Dáil is not even sitting. This injection of €19 billion will be used primarily to pay senior bondholders, many of whom are not covered by the banking guarantee. At least €4.3 billion will be paid to bondholders between now and the end of September, a figure close to the €4 billion in public spending cuts and tax increases expected in December's budget. This payment of €19 billion will be made without any Dáil scrutiny or debate. Considering that the €19 billion is 39 times greater than the total cost of the so-called jobs initiative, which was debated in this House over three days, there is clear need for a debate in here on the €19 billion injection into the four banks, which is due to take place in the next ten days.

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