Maureen O'Sullivan (Dublin Central, Independent)

Although it is a done deal at this stage, I wish to comment on what happened earlier today. To find an analogy one must imagine a sign outside Boylesports or Paddy Power advising customers that they need not worry if their horse, dog or team loses because their bet will pay out regardless. That is what has happened with the decision to pay €750 million to unsecured bondholders at Anglo Irish Bank. We are rewarding speculators who gambled and lost. We seem to feel some moral obligation to pay these people, many of whom bought at a discount and are thus reaping substantial profits. These are nameless, faceless entities; the Taoiseach has acknowledged he does not know who they are. Deputy Joe Higgins made an interesting suggestion about a Greek person; it certainly does not say much for Greek patriotism that all of this money is apparently out of the country.

The situation in which we find ourselves is the responsibility of the previous Government and, as such, it is difficult to listen to the objections of Fianna Fáil Members. Theirs was a quick-fix solution which has come back to haunt us. I hope there are no more quick-fix solutions when it comes to selling State assets. The Taoiseach said this morning that paying this money is in the best interests of the people. The Minister said on radio this morning that it is not in Ireland's interest to impose a cut on bondholders. I am still trying to figure out how it is in Ireland's best interest to honour a gamble. I am certainly in favour of honouring our obligations, but where is the morality in honouring this particular debt? Why have Anglo Irish Bank's unsecured bondholders - gamblers and speculators - been deemed a priority?

Was any consideration given to paying a reduced rate, which would have made significant savings for the country? Where is the liability for this country's taxpayers to pay the bondholders? The latter expect justice, but where is the justice for ordinary Irish people? Saving the euro and keeping the ECB happy seems to be the mantra of Government. That is fine, but where are the concessions for Ireland, which is playing the role of the dutiful child? It does not make sense to pay out €700 million on a failed bond from a failed bank. It is ludicrous to give these people precedence over our citizens.

The new eurozone debt deal seeks to counteract the threat of a European crisis and a double-dip recession and to minimise the risk of contagion to weakened eurozone countries. Sovereign and private investors from countries such as China are being sought. The concerns over the inroads that country is making in certain developing countries does not augur well for any such co-operation. I am not sure that Greece has secured a better deal. The package is extremely severe, with cuts in the public sector, reductions in pay and pensions, new taxes and privatisation of services. There is a need for us to renegotiate our debt repayments. Many believe that if our bailout terms are reduced, Ireland will enjoy higher economic growth. This morning the Minister intimated the possibility of a lower interest rate. Our priority should be this country; we should not get caught in the crossfire between European countries.

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