Thomas Pringle (Donegal South West, Independent)

Last week the Government published the European Stability Mechanism Bill. Article 15 of the ESM treaty provides for the recapitalisation of financial institutions across Europe. The panacea of the ESM, which the Taoiseach says is needed for future funding of the Irish State, is going to sign up Irish taxpayers to the continued funding of bank bailout debt right across Europe. The only guarantee of the ESM is that it has the most gigantic pot of taxpayers' money in Europe. The ESM cannot recapitalise banks directly. It loans money to taxpayers who give the money to the financial institutions, creating the biggest socialisation of bank debt right across Europe. Will the Taoiseach tell the House why he thinks the biggest socialisation of bank debt is good for the Irish people post our 2008 experience?

See this speech in context