Pearse Doherty (Donegal South West, Sinn Fein)

Tá mise, fosta, ag cur in éadan an Bhille. Mar adúirt mé ar Chéim an Choiste, aontaíonn Sinn Féin gur chóir go mbeadh ionad i gcroílár na hEorpa inar féidir airgead práinneach a thabhairt do thíortha atá taobh amuigh des na margaidh idirnáisiúnta. Ach ní seo an t-ionad atá de dhíth.

Tá lochtanna iontach móra sa Bhille. Go háirithe, tá an t-airgead ag teacht ó thíortha a bhfuil cuid acu ag fáil airgid ón IMF agus ón ESFS iad féin, agus caithfidh na tíortha sin, Éire ina measc, airgead a chur isteach sa chiste seo sa dóigh is go mbeifear in ann airgead a thabhairt do bhancanna ar fud na Spáinne agus, b'fhéidir, san Iodáil agus sa tír seo, agus a leithéid. Ní bheidh buntáiste ar bith ag dul do ghnáth shaoránaigh ar fud na hÉireann agus ar fud na hEorpa. Tá an Bille iontach lochtach.

Léiríonn an Bille an locht agus an laige atá ar cheannairí na hEorpa agus iad ag déileáil leis na fadhbanna móra eacnamaíochta atá sa tír seo. Tá sé rí-shoiléir nach bhfuil seo ag dul i ngleic leis na fadhbanna sin. Má tá soiléireacht de dhíth orainn níl le déanamh ach féachaint ar an Spáinn, agus ar an mhaoiniú de €100 billiún, atá sí ag dul a fháil ón chiste seo fá choinne bancanna móra na Spáinne. Feicimid an léadhbh atá ag na margaidh idirnáisiúnta ar an phróiseas. Is é sin, tá an ráta úis a bhfuil na margaidh idirnáisiúnta ag gearradh ar an Spáinn níos áirde ná mar is gá. Beidh an ráta céanna a ghearradh ar an Iodáil.

Ní bheidh an ciste seo mór go leor le dul i ngleic leis an fadhbanna sin. Sin an fáth go bhfuil dearcadh Shinn Féin air seo iontach soiléir. Is muide an chéad pháirtí, cé go bhfuil páirtithe eile anois den bharúil chéanna, adúirt go gcaithfidh go mbeidh an ECB ar an eagraíocht a chuirfidh an t-airgead práinneach seo ar fáil dos na tíortha agus dos na bancanna ar fud na hEorpa. Caithfidh sin a tharla sin nuair a bhéas an pian roinnte amach.

I object to the passing of this legislation. It is crystal clear that it will not deal with the problems of Europe. It is wrong that Irish citizens should be asked to contribute to this fund to bail out banks in Spain and Ireland and, potentially, in other European countries such as Italy. Since it was conceived at European level, it is clear that the fund is neither big enough nor structured appropriately to deal with the problems being experienced here. If we need a crystal clear example, we need only look at what is happening in Spain where an injection of €100 billion in Spanish banks has not stemmed the tide of contagion, rather it has made it more difficult for the Spanish Government to borrow on international markets and the spillover will creep into Italy.

Sinn Féin has been consistent. The Minister has missed an opportunity. He should have used this as a bargaining tool to have the ECB as the lender of last resort. The ECB, not citizens of this or other European states, should be funding this vehicle and banks should only be funded when bondholders take a hit. The Minister stated yesterday in committee that he would like to see bondholders taking a hit. Therefore, this was an opportunity to join other countries, including Spain, which wanted to see a separation of sovereign and banking debt. It is neither right nor appropriate for the Minister to ask taxpayers to allow bondholders in Spain, like those in Ireland, to be paid in full, including some who bought bonds at a reduced rate of 40% or 50%-----

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