Thomas Pringle (Donegal South West, Independent) | Oireachtas source

We learned more from twitter and the Internet tonight about what is happening with regard to this promissory note deal, or rather, proposed deal, than the Government Deputies told us in their contributions to the debate on this legislation. That is the level to which democracy has sunk on this Government's watch.

What are the interests of the State which have to be protected? The Minister will not tell us. He will not lay them out for the House to see. Is it that bondholders and creditors of IBRC will be running to court in the morning to secure the full payment of their debt? Can the Minister come out and tell us what they are so we know what we are voting on and why the legislation is so necessary?

The one thing we do know is that, because of this legislation, the ECB will get every penny of the promissory notes. Funds will be transferred from IBRC to the Central Bank and on to the ECB. The best we can hope for is a reduction in the 8% interest rate and an extension of the payment period to 40 years with a balloon payment at the end of that time.

As I listened to the Taoiseach's contribution I thought he was talking about the actual deal. I think he must have been reading the wrong speech. He said the deal ends a dark chapter in our history. What deal? The Bill merely liquidates IBRC. Where is the deal? He also said we are a poor but, perhaps, wiser people. We certainly are. My fear is that after tomorrow we will be poorer and wiser, and it will not be to our benefit.

See this speech in context