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

The marble itself cost €6 million. When the Minister says this is just like a mortgage but paid over a longer period of time, the problem is that the people who are paying this mortgage over a longer period of time have no benefit from the house because it is this type of trophy house, and this type of mad investment that Mr. Fingleton and others agreed to and went bust because of, that the Irish taxpayer will be paying for this year, next year and every other year.

Every six months, we will be making a payment as a result of those toxic debts. The Minister talks about the promissory note being ripped up and he is 100% right. We all say "Good riddance" to the promissory note and know this will bring short-term benefits, which I have acknowledged. However, every six months we will be making a payment in regard to the interest on this debt. There is a genuine question as to why ordinary people should pay for this type of recklessness. The interest this year is some €800 million. Why should we be paying nearly twice the total amount that will be brought in through the property tax every single year? Why should public sector workers such as a new nurse have to take 20% less or a teacher take reduced payments as a result of decisions made by people in Anglo or Irish Nationwide? That is the serious question.

The Minister talks about this being a low interest loan and there is no doubt about that. I understand the circular nature of the Irish Central Bank and the Minister is correct to say the effective interest rate is 1%. However, what he does not proclaim loud enough is that, first, the Irish Central Bank is mandated to and has to dispose of these bonds-----

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