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

He said: “This lifts that burden from the Irish taxpayer and means that the European taxpayer, at a general level, through the ESM is basically taking on responsibility for it." I will repeat it because this goes to the core of this debate. It is what the Tánaiste, Deputy Eamon Gilmore, said about the achievement of 29 June and the toxic banking debt that the Labour Party rightly rallied against when in opposition: “This lifts that burden from the Irish taxpayer and means that the European taxpayer, at a general level, through the ESM is basically taking on responsibility for it."

Has any other European taxpayer taken responsibility for the majority of the banking debt that was housed in IBRC? The only taxpayer that has taken responsibility for it is the Irish taxpayer as a result of the decision that was taken last week. Has the ESM moved to fund this through its vehicle? No, it has not. Instead of actually trying to progress the achievement that was secured on 29 June, what the Government has decided to do is say, "We will talk to you in regard to separating sovereign debt and banking debt for the pillar banks, but in regard to Anglo and IBRC, do not worry, the Irish people will suck that one up themselves". That is the reality. That is why, in all consciousness, the Government cannot say this is a good deal for Irish taxpayers. If we start from the premise that sovereign debt and banking debt is to be separated, then how can we support and welcome the fact it is no longer going to be separated and that it is going to be wedded through the form of a sovereign bond?

Eamon Gilmore told us there would be light at the end of the tunnel-----

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