Mary Lou McDonald (Dublin Central, Sinn Fein)

There is also the issue of the levels of debt the ESB is currently carrying and the impact this will have on the State's dividend and future bargaining power in deciding on the strategic needs of the State. Following the ESB's purchase of Northern Ireland Electricity, its debt levels were pushed to €3.9 billion. On receipt of proceeds from a third party investor, the State will have to withdraw the sale proceeds from the company and its creditors. Creditors will have a strong case under company law to put up their hands and say "Stop" to the Government. In other words, it would be in their gift to say "Hang on a minute. Rather than paying out the proceeds of the sale to the State to satisfy the EU and IMF, why not pay us off first?" They would be fully within their rights to do so.

See this speech in context