Finian McGrath (Dublin North Central, Independent)

I welcome the opportunity to contribute on this important and urgent debate, in light of today's payment of €1.25 billion to unsecured bondholders. While for me this is a huge issue, for the citizens of this State, it is a major drain on our economy. It is important to have a clear and honest debate and less spin and waffle from this Government. The people deserve better: they deserve the truth.

I was a Member of the previous Dáil and witnessed first-hand senior bankers appearing before committees, conning politicians and misleading the people. Their lending policies were economic vandalism of the worst sort. At that time Members of this Government were very excited about payments to bondholders and so on. Their high moral ground antics were breath-taking yet today they paid out €1.25 billion to those bondholders. These bondholders are anonymous speculators, many of whom bought Anglo Irish Bank bonds at between 50% and 80% discount, who stand to make huge profits if paid full face value for those bonds. This Government intends to make a further payment of €3.1 billion on a promissory note for the Anglo Irish Bank-Irish Nationwide Building Society debt on 31 March. It will also make similar payments every year up to 2023 with further payments due after that. This debate is about reality and the facts in regard to the banking crisis and bondholders.

Last week, the Taoiseach said the growth rate for Ireland next year would be 1.3%. My colleague, Deputy Ross, exposed the truth and, along with the IMF, said that growth would be 0.5%. Did the Taoiseach come in here yesterday and today and accept that he got it wrong: he did not. That is the type of leadership I will not accept. It is dishonest leadership that should not be accepted. The people had no hand in this debt, will not benefit from its repayment and do not consent to paying it. That is the message I hear across my constituency every day. The people do not consent to paying this debt.

The Minister for Transport, Tourism and Sport, Deputy Varadkar, also got it wrong last Sunday in relation to his comments on Denmark. He did not put his hands up in acknowledgment either. Denmark is now back in the markets. We need to stand up to the ECB. We need to tell it the truth. Elements within the IMF accept the analysis of the Technical Group. In addition, one should consider the real issues. In the context of cutting expenditure, the Government should stop cutting DEIS schools or services to people with disabilities but should consider the ongoing waste in the public service. For example, the Members opposite all jump up and down in respect of electronic voting machines about which the previous Government cocked up to the tune of €50 million. Do they know it costs €145,000 per year to store the aforementioned machines? Are they aware the State was forking out €500,000 to rent empty offices? I challenged the Minister of State at the Department of Finance with responsibility for the Office of Public Works, Deputy Brian Hayes, on this issue. I have cited two small examples but there is no logic to spending and wasting money.

As for blaming mortgage payers and those who were hammered during the Celtic tiger years in respect of their apartments, flats and houses, I note the Taoiseach's brass neck in attacking people who are opposed to the household charge. However, in 1994 Deputy Enda Kenny stated "It is morally [wrong,] unjust and unfair to tax a person's home". This is the kind of politics I will not accept. The people demand truth and an honest debate. The Independent Group and the Technical Group in the Dáil are working hard to deliver such a debate. The Government should get on with the issue, negotiate on behalf of this country, put on the Ireland jersey and deliver for the Irish people. They deserve truth and honesty and, above all, they deserve respect.

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