Catherine Murphy (Kildare North, Independent)

If there is responsible borrowing, by definition there must be responsible lending. While the disastrous policies followed by recent Governments caused many problems, including the property bubble and the way we exceeded the 3% government deficit figure by a mile, which is one of the criteria for joining the euro, exceeding the 60% government debt to GDP ratio by an unsustainable amount has more to do with irresponsible lending. We were forced to absorb private debts in favour of European banks. For example, the Germans were in hock to Ireland to the tune of €105 billion. We appeared to be bullied into that disastrous decision. We must stand up for ourselves in the negotiations.

I agree with Deputy Ross that while the European backdrop must be kept in mind, we must act for Ireland first and foremost. I want the ECB to be a lender of last resort, but what is Ireland's position on the costs of this and other decisions currently under discussion in Europe? This is an important week for Ireland and Europe.

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