Gerry Adams (Louth, Sinn Fein) | Oireachtas source

Yes. Yet another summit has come and gone and our debt remains intact and the economic distress and social disadvantage of many of our citizens increases on a daily basis. I know the negotiations are ongoing, they have yet to conclude, and there will be ups and downs during that process. Sinn Féin's position is to support the Government's efforts, but that includes being critical in a constructive way when that is appropriate.

The fatal flaw in the Government's approach to these negotiations is that it has never had a clear strategy regarding the bank debt. It has never acknowledged that this debt cannot be paid. Last January, when I challenged the Taoiseach about the payment of Anglo bondholders, he berated me by saying that we will not have "defaulter" written on our foreheads, we will pay our way, we have never looked for a debt write-down. He moved at that time to reassure the markets and our friends in the European Union that Irish citizens, irrespective of the human price and the social consequences, would pay the banking debt.

The Minister of State, Deputy Hayes, has a different position. He accepted last week that the current debt position is untenable. Yesterday, the Taoiseach pointedly refused to endorse the Minister of State's view and that of the Minister, Deputy Quinn. Why? Those colleagues have simply stated what everyone knows to be the reality. Why does the Taoiseach not acknowledge this reality? How does he expect to secure the maximum write-down on bank debt or achieve a deal on the legacy debt if he keeps saying that the State can pay its way?

In June, the Taoiseach sat back and hoped that the leaders of Spain and Italy would negotiate a deal from which this State would benefit. That is fair enough, but when an agreement was reached the Government over-sold it and claimed that a deal had been done on Irish legacy bank debt. The Taoiseach said it was a seismic shift. The Tánaiste said it was a game changer. The Tánaiste went even further and claimed that a deal on legacy debt would be concluded by October, as did the Minister for Finance. Irish legacy debt was not even mentioned in the June statement.

It is important that the Taoiseach takes the opportunity today to acknowledge the blindingly obvious, namely, that no deal was done and this debt is not payable. I gave him that opportunity yesterday. He stayed silent. I invite him again to clarify that today. He now says that he supports the separation of bank debt from sovereign debt. That contradicts what he has said previously but it is good that he has changed his position, and I welcome that, but he must deliver on it. There is no point in just saying it; he must follow through on it.

Throughout this process the Government has promised much but delivered little. Three months after the June summit we still do not have a commitment that the burden of legacy banking debt will be lifted from Irish citizens. The debate has been reduced to dictionary definitions of "special" and "unique" amid conflicting spins from Government sources in three states.

In addition, there is still no progress on the promissory note payments. Two payments totalling €6.2 billion will fall due next March because of the smoke and mirrors manoeuvre cooked up by the Minister for Finance last March. That is €6.2 billion of taxpayers' money, and twice what he will take from December's budget, going into a toxic criminal bank.

At our recent engagements with the troika, it said there was no indication of any imminent deal on the promissory note. What is the real timeline for this process? Of the €67 billion borrowed from the troika, €64 billion has been given to the banks. The Government, despite its pre-election commitment that not another red cent would go to the banks, has already paid them €20 billion.

The Taoiseach’s primary objective must be to remove this debt from the shoulders of Irish citizens, not to make it more sustainable. I am aware of a case of an 80 year old partially sighted woman living outside Drogheda who recently had a hip replacement operation and, subsequently, has limited mobility. The Health Service Executive allocated her a home-help package of 30 minutes a week. The director of Older and Bolder has warned that the Government’s cuts will devastate the prospect of safe and healthy aging at home and actually contradict Government policy of supporting people to age safely at home.

These measures are not the only ones hurting citizens. We have had a succession of punitive measures that reduce wages, child benefit payments, disability payments and social welfare. There have been attacks on social provisions for carers, older citizens and even the blind. An additional range of stealth taxes, including the household charge, the universal social charge, VAT increases, septic tank charges and more, have eaten dramatically into the incomes of families. Yet, at the beginning of this month, the Government paid €1 billion to unsecured bondholders in AIB.

It is little wonder that the banks fail to live up to their social responsibilities. Why should they when the Government keeps rewarding bad behaviour? We need the Taoiseach to be strong on these issues, to go beyond rhetoric and negotiate in a robust way. Sinn Féin wants the Government to succeed as we believe this is beyond party politics and the advice we offer is given in good faith. We firmly believe in our suggestions; they are not point scoring. This has to be about removing a bank debt which will allow the State to grow its way out of the economic crisis. Our inability to pay this private banking debt gives the Taoiseach considerable leverage by the simple fact that this debt is not payable. We cannot afford it and we ask the Taoiseach to make this clear. He must position his negotiating strategy and tactics on that reality.

I must also record my concern at the EU’s failure thus far to respond adequately to the humanitarian crisis in Mali and the Sahel region. More needs to be done. The EU, with its considerable resources, has a clear duty to assist citizens in that region.

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