Maureen O'Sullivan (Dublin Central, Independent) | Oireachtas source

I refer to a speech made by the Taoiseach in this House in July 2011, which had nothing to do with recession or promissory notes, which states:

A Republic of laws, of rights and responsibilities, of proper civic order, where the delinquency and arrogance of a particular version of a particular kind of 'morality' will no longer be tolerated or ignored.

I want to apply that to what we are discussing tonight. I take this opportunity to acknowledge the work done by Deputies Shane Ross and Stephen Donnelly in bringing this motion before the House.

I want to live in an Ireland of rights and responsibilities. My first question, therefore, is, how is it the responsibility of the Irish nation to pay €3.1 billion for Anglo Irish Bank promissory notes? Second, what right has the Government to take this on when it is obvious it is unfair? Third, is it fair that Irish people should pay for something in which they had no hand, act or part?

We are repeatedly and relentlessly told that the promissory notes scheme is the only means by which Ireland can get back on its own two feet and the backbone of the State, namely, the banks, can be saved. I believe the people are the backbone of this State and they should not be sacrificed for the greed, recklessness and self interest of others. More than enough has been asked of people. Asking the same people to pay more is, in my view, arrogant. Where is there a moral obligation on the State to pay this? Surely the moral obligation is to address the needs of the people. Where is the sense of moral obligation on the part of those individuals from the various banks and organisations, who are household names, to accept responsibility for what they have done? I would like to know if they are in any sense paying for what they have done and the mess they have created. They appear to have lost considerable wealth yet exist on incredible levels of income and resources. Many other people are making sacrifices and losing so much in terms of jobs and houses. We know the effects of this on people's mental and emotional health and how all of this contributes to their sense of powerlessness.

Who are these promissory notes protecting? It appears they are protecting shadowy figures from various banks in Germany, France, Holland or Britain. This is the Famine of the 21st century - there is plenty of food and wealth for some but starvation and poverty for others. I support the notion that it is time for Ireland to declare that this €3.1 billion will not be paid and that it demand a negotiated write-down of the debt, with fair sharing of the burden across the eurozone. I am sure a deal will emerge. However, it will not be enough if not as provided for in the motion. If not, it will be humiliating for Ireland. We deserve far more than a face saving exercise.

It is hard to accept that payment of the promissory notes is required for our economic survival and is the only means of achieving same. They could be rejected and ripped up and we could look at other ways of paying our lawful debts, including by way of the corporate tax or financial transaction tax. There have been similar disasters when property speculators had their way and Governments could have used these two measures rather than impose austerity on the poor and lower income groups. Pursuing these notes is walking around the wealth elephants in the room towards the cents and limited resources of the poor and low and middle income people.

There is a carcass of a building in Dublin central which was supposed to have been the headquarters of the new Anglo Irish Bank. Some people believe should it remain as a reminder of what can and does go wrong. It is interesting that the community which took on that bank remains. We all now what happened to Anglo Irish Bank.

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