Séamus Healy (Tipperary South, Workers and Unemployed Action Group)

Of course I never suggested that it is either-or. The current situation is that the private sector has simply failed to create the jobs. The jobs the sector has created are obviously very welcome. I am suggesting that we cannot be excessively dependent on either the private sector or foreign direct investment and that we must invest in our own State and semi-State companies to create jobs.

We are due to pay €3.5 billion to unsecured bondholders in Anglo Irish Bank, and I think €700 million of that is to be paid in the next few days. Can the Minister assure the House that we will get at least the same benefits as those proposed for Greece, whereby the claims of these bondholders will be reduced by 50%? The €1.75 billion saved on that reduction should be put into State companies for direct job creation.

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