Dáil debates

Tuesday, 12 June 2012

3:00 pm

Photo of Mary Lou McDonaldMary Lou McDonald (Dublin Central, Sinn Fein)

As the Taoiseach outlined, last Saturday, Spain applied for and was granted what is being referred to as a non-economic bailout - in other words, a bailout - for its toxic banking system for which its citizens will be on the hook. This is all very eerily familiar to us here. It is also now clear that no crumbs from the table will be available for this State. If the Taoiseach's strategy had been to wait and see what the Spanish get, it is clear this strategy failed badly. Last week, he told the House there was a debate in Europe about direct funding of the banking system and he went so far as almost to claim this as his own big idea. However, it has not happened. It is fair to conclude yet again that the Taoiseach failed to stand up for Ireland's interests. Once again, it is Frankfurt's way.

In March, the Taoiseach tried to pull the wool over people's eyes concerning the promissory note but we know that the banking debt remains. The technical paper, which the Taoiseach now incredibly tells us he has not had sight or word of, was due in February. These matters are complex, as the Taoiseach says, but they are also urgent, so where is the technical paper and when will it be published? It is a long time coming.

What is the Taoiseach's overall plan? It is all very well for him to point the finger at Fianna Fáil and say there are no files in his office to inform him on the thinking for past decisions.

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