Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

-----and that is the truth. Section 17 allows the Minister, whenever and so often as he or she thinks fit, to create and issue securities. We are asked today to give the Minister, Deputy Noonan, or any future Minister the power to issue long-term bonds in the name of the Irish people. There is nobody in our party who would object to Anglo Irish Bank going into liquidation but it should mean the promissory note is not to be paid out. It should mean the comfort letters that were issued by the previous Minister should not be paid out. I was asked about the default. The head of the Department of Finance and his officials, in briefing us, told us what will happen tomorrow morning when this is signed into law, and it is that the IBRC will default. That is what will happen. When it goes into liquidation IBRC defaults. The Minister needs to talk to his officials. IBRC defaults but what happens is that the State picks up the tab. The State picks up the tab in terms of the promissory note and in terms of the other debts and securities that are contained within this bank.

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