Brian Walsh (Galway West, Fine Gael)

We assumed responsibility for this debt when Fianna Fáil signed the bank guarantee and nationalised Anglo Irish Bank.

I wish to address some of the misinformation that has been supplied. Some members of the Technical Group suggest that we should aspire to the Greek model and attempt to achieve similar write-downs. This would be catastrophic. Some of the group's members remind me of the story of the Grand Old Duke of York and I have visions of Deputy Boyd Barrett or Deputy Higgins leading us on the march to the top of the hill. When they discover what is occurring in Greece, they will not be long turning on their heels and marching right back down again. Perhaps the Deputies might bring their colleague, Deputy Mattie McGrath. When he gets to the top of the hill and witnesses what is occurring in Greece, it might cause him to fill some of those famous septic tanks he is constantly discussing.

Other misinformation suggests that the funds transferred today could have been used for other essential services. That is absolute nonsense. We are in a programme and borrowing money. Indeed, we borrowed money to fund the bondholders today.

See this speech in context