Peter Mathews (Dublin South, Fine Gael)

The motion is sound and well laid out, and I like the algebra used in it. Whether the figure is €65 billion or €74 billion depends entirely on the cost of funding the initial promissory notes which were issued by the members of the previous Government who were operating in a fog. I do not favour tit-for-tat politics; I deal in facts. I have done this for the past two years and become disappointed when people cannot see the pieces of the jigsaw and identify how they fit together.

The Europeans must be told, loud and clear, that it is not good enough to have negotiations and discussions. We must be informed of the contents of such negotiations and discussions. We know what has been the nature of the Greek discussions because they have taken place on the street. There is a need to ensure the position is publicised, with the volume on high. I will give the Minister every encouragement in that regard. He must explain to the European Union that we need a write-off - I will repeat the figures ad nauseam - to the tune of €75 billion, comprising €50 billion for the account of the ECB and €25 billion for the remaining bondholders across all the banks, including AIB and Bank of Ireland. Only when this write-off occurs will the banks to which I refer be in a position to arrange write-downs for householders and business people who are either on their knees or lying flat out because they have already been crushed.

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