Seán Fleming (Laois-Offaly, Fianna Fail)

Different parties and groups are entitled to put forward motions in Private Members' time on different weeks.

The motion goes on to note the Government's intention to make a payment of €3.1 billion, on 31 March 2012, in respect of a promissory note for the debt of Anglo Irish Bank and the Irish Nationwide Building Society. It further notes that promissory note payments to the value of €3.1 billion will be made each year until 2023, after which further payments will be due. This, the motion observes, equates to a total payment of at least €47 billion by 2031. The motion concludes with the demand that the promissory notes due on 31 March 2012, and any payments arising in the future, not be made. That is the direction in which the debate is moving. Anglo Irish Bank has caused enormous legacy problems. As an institution, however, it has become less relevant. What is relevant is how we as a national Parliament deal with the legacy of the bank.

There is fantastic scope for the Government to make major strides in this regard. Its amendment to the motion states that it is working with its partners in the EU and IMF to address the situation. I understand the Minister for Finance, Deputy Michael Noonan, was in Brussels today. In truth, when a debate like this arises, the Minister is always very good at getting on the evening news. We are sure to see him coming out of a meeting and talking about the serious discussions in which he is engaged. This serves to take attention away from what is happening in the Chamber tonight. By tomorrow or the next day, when this motion is out of the way, those serious discussions will be revealed to have been a puff of smoke.

The Government has a track record in this regard. If it were as good at negotiating matters relating to the financial affairs of the State as it is at the public relations feat of giving the impression of doing something, we would be home and dry by now. Unfortunately, the public relations exercise comes before the substance in these matters. The Minister is making these claims on the evening news because this motion is being debated in the House and is also likely to feature in news reports. The media are assisting him in ensuring the real issues are not being dealt with.

The Government amendment tells us that the Irish Bank Resolution Corporation will "fulfil its obligation" to redeem €1.125 billion in senior unguaranteed bonds. The Government is thereby placing on the record its undertaking that these bonds will be honoured in full by it. Their value on the market is now their full par value on the basis of this guarantee in the name of the Minister for Finance, by way of this amendment in the House of Parliament. The amendment further states that we must take on board the views of our partners who are "providing the requisite funding for the State and for the financial institutions". We cannot, we are told, act unilaterally. Nobody has ever suggested that we should act unilaterally. Nobody has argued for an unstructured default. We are all in favour of negotiation and discussion. If the electronic payment was not made tomorrow, that would constitute a default. However, if it were planned and discussed and people were ready for it and could adjust for it, it would not be termed a default.

The Fianna Fáil Party will vote against the Government amendment on the basis of this exhortation to have regard to our partners "providing the requisite funding for the State and for the financial institutions". I have news for the Government - that is already done. We have signed the deal with the IMF and the EU. For the years 2011 to 2013, there is total financing of €88 billion available to the State, of which €21 billion comes primarily from the National Pensions Reserve Fund and €67 billion from the EU, ECB and IMF, divided into approximately equal thirds. There are some bilateral arrangements with the United Kingdom and others. For the Government to say that we should have regard to our partners ignores the fact that we are honouring the loan agreement. In fact, we have been told we are top of the class in this regard. The repercussions of taking action as set out in the Technical Group's motion are not what are being claimed by the Government. We have our financing in place for the next several years and we do not have to return to the bond markets in the short term. As such, we do not have to concern ourselves unduly about our rating. To reiterate, we will not be borrowing in the primary bond market in the next two years.

The Government amendment claims that the "implications of not making such payments are such that the State's ability to fund the provision of services, pay wages etc. could be put at the risk". This is the double think we have seen before. This payment is either linked to current budgetary activities or it is not. The amendment is saying that if we cause a problem in this regard we will not have the funds to pay for services. However, the funding for the State for the next two years is fully signed, sealed and delivered, and we are honouring our obligations in that regard. The Government should not be issuing threats that wages will go unpaid if this payment is withheld. That claim is false.

I saw an interview with the Minister for Transport, Tourism and Sport, Deputy Leo Varadkar, on television on Sunday night in which he made the confusing claim that these promissory notes are not being repaid with taxpayers' money. I do not know where he thinks the money is coming from. Perhaps there is a tree out in Dublin West which grows money, in which case Deputy Joe Higgins might like to know about it. The Minister, Deputy Varadkar, seems to believe taxpayers will not be responsible for these payments. Moreover, he said they are nothing to do with the current budgetary deficit and cuts in front line services. I am pleased the Minister for Finance has overruled him by clearly linking, in this amendment, the payment of promissory notes to the need to pay wages and services. That is a more accurate reflection of the situation. The €1.25 billion that will be paid tomorrow is coming from Anglo Irish Bank, but where did that bank get its money if not from the taxpayer?

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