Gerry Adams (Louth, Sinn Fein) | Oireachtas source

To put this in context, this is a promissory note inflicted on the Irish people by a Fianna Fáil Government to pay off the private debt of a toxic bank which is now under criminal investigation. Last June the Tánaiste said the Government had succeeded in separating sovereign debt from bad bank debt and that the legacy debt would be dealt with. What the Government has succeeded in doing, and has announced today, is to turn the €28 billion promissory note into sovereign debt which could reach up to €60 billion. This debt has been tied to this generation and if adult children are starting work now they will be paying until 2053, which is their entire working lives, and their children will also pay for it. Instead of removing this burden from the shoulders of the Irish people the Government has doubled it.

Little wonder there is sweetness and light from Fianna Fáil on this issue given that it created it. Every penny of the debts of Anglo Irish Bank will be paid by Irish people as part of this deal. Any young people lucky enough to get a job in the economy today will be lumbered with this for as long as they are able to work. Does the Tánaiste accept the Government has failed to separate bank debt from sovereign debt? Does he accept that under this deal the total cost of bailing out Anglo Irish Bank has increased? Does he think it is fair that citizens are being asked to pay for this? Does he acknowledge that austerity will continue as part of the Government's policy?

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