Stephen Donnelly (Wicklow, Independent) | Oireachtas source

The Minister made various points, to which I will try to respond. The scale of the €1 billion paid out, at current borrowing costs, is €60 million per annum forever. That is what it would cost us to fund €1 billion, which is equal to what it would cost to pay 2,400 new teachers every year forever.

The Minister said that former ECB president, Mr. Trichet believed it was not in Ireland's interest not to pay these bondholders. I accept the Minister would prefer not to pay them. However, I do not care what Mr. Trichet thinks is in the best interests of Ireland. I believe he is single-handedly responsible for a great deal of Europe's economic problems. I do not care what he thinks is in the best interests of this country rather I care what the Minister and Taoiseach think in this regard. The fact that Mr. Trichet believes we should pay the bonds is irrelevant.

On the substantive question of who are the bondholders, I do not know who is advising the Minister but his claim now that they cannot be identified is patently untrue.

In December 2010 the Minister called on Brian Lenihan to identify them and he went so far as to give him the name of a website he could visit to see who had bought the shares. Greece and Iceland managed to find out who the bondholders were and US banks regularly find out the identity of bondholders. It is not that difficult. It has nothing to do with clearing houses, or Anglo Irish bank and AIB finding it too difficult. The Minister can call a creditors meeting and they will let him know who they are because they must engage with him to get their money. I do not know who is providing the Minister with this advice but it is contrary to what he stated as Minister for Finance in waiting approximately two months before the election. It does not seem to be beyond the ability of a range of other countries and financial institutions to find out who they are.

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