John Halligan (Waterford, Independent) | Oireachtas source

The promissory notes were not, as has often been portrayed, the rock to which Ireland clung in its hour of need. On the contrary, the entire eurozone benefited in some way through some financial stability, yet Ireland pays 42% of the total cost of the European banking crisis. If the burden had been shared equally throughout the eurozone it is estimated the amount owed by Ireland would decrease to less than €1 billion.

I am particularly keen to hear the Government's views on the morality of this debt. We can argue back and forth about the legality of restructuring, defaulting on the debt, and about whether it is sustainable to effectively keep burning the millions being saved by pillaging Irish society but the Government has been very quiet on whether there is a moral case for making the ordinary citizens pay the debt of the casino banks. This payment has no basis in equity, social justice or justice of any type. It certainly has no basis in morality. Repaying the gambling losses of investors who backed the out of control bankers who brought the country to its knees and maturity extensions to facilitate more borrowing next year and lumber future generations with yet more overall debt will mean nothing to the approximately 250 people leaving the country every day. Nor will it do anything to ease the burden of the people who are at risk of becoming homeless because they cannot afford to pay the massive mortgages and bank loans borrowed in 2006 and 2007 at a time when the Government would not tell the Irish people the truth about the economy.

The moral question demonstrates just how much the Government cares about the welfare of ordinary Irish people, who are bearing the burden of the mistakes made by international financial markets at a staggering cost of €9,000 per person. Any Minister in touch with the people knows there is widespread social consensus that this payment is unjust and unjustifiable. Parking it for a while will not solve the problem. All that will work is a very comprehensive deal on the debt. The Minister of State, Deputy White, in a debate with me on "The Week in Politics" on Sunday stated there is widespread unity among the people for a deal on this debt. Does he live in the real world? There is widespread unity among the people for a write-down of this debt.

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