Finian McGrath (Dublin North Central, Independent) | Oireachtas source

I thank the Chair for the opportunity to discuss the Private Members' motion on the Anglo Irish Bank promissory notes and the negotiations with the European Central Bank tabled by Independent Members. I thank and commend Deputy Ross and my independent colleagues on introducing such an important motion at a critical time for the Irish people. All Members must accept this promissory note issue is of great importance for the Irish people and the country's future. I must also note I am getting sick and tired of listening to Government backbenchers regularly putting it up to the Opposition to come up with ideas and solutions. Opposition Members have been doing so for the past year and a half but the Government party Members have not been listening. First, a decent deal on this particular debt to the European Union is required. At present, it is choking Ireland's potential for economic growth and is not sustainable. Next, the domestic economy must be kick-started by supporting actively the small business sector and creating employment. This can be done by reducing VAT, developing a seed capital scheme to be made available to certain individuals who are starting up new businesses, implementing a three-year tax relief for start-up companies and halving the rate of PRSI on jobs that pay up to €356 per week. In addition, those who have savings, particularly those who are over 65, should be encouraged to spend an additional €20 per week in their local small businesses and shops. These constitute some sensible proposals to try to get us out of this mess and Government Deputies should not say Members on the Opposition benches lack ideas.

Over the past hour or two, rumours have been flying around this House about a potential deal. There are rumours that the IBRC will be liquidated and, in respect of the promissory notes of €3.1 billion, a number of 25 year bonds and some 40 year bonds with the average length being 27 years. In addition, the payments might be stretched over a longer time. My question to the Government is whether the stock of debt will be reduced. This is a key point, as last June's summit decision will not be implemented unless this happens. Moreover, will the next budget be less severe on the people the Government already has shafted?

Failure will force Ireland into a second bailout. The worsening position in Italy and Spain over recent weeks has actually strengthened Ireland's negotiating position. We are now in a much stronger position than we ourselves think. Last night, a well-known German economist spoke on RTE and got a great reception by putting forward the policies of the Independent Deputies. Moreover, it was widely accepted to be a balanced view. I also consider it to be a bit rich of Deputies Spring and Twomey to have a go at the Independent Members in this Chamber. The Independent Members are putting forward sensible policies. They are putting forward the views of the people, are making the point that the promissory note issue is outlandish and are telling people to consider reasonable solutions.

I note that in the last budget, children, families, the disabled, senior citizens, PAYE workers and small businesses were hammered. I urge Members to consider seriously this motion. It will strengthen the Government's hand - it already has done so - and I commend it to the House.

See this speech in context