Luke Flanagan (Roscommon-South Leitrim, Independent) | Oireachtas source

An area that has not been touched is that of moral hazards. Suggestions have been made by people over the past two years that those in mortgage distress should have their debt written down to the value of the houses. This has been trashed and criticised on the basis that it would not take into account moral hazard. People apparently would not learn their lesson if they were given a break. What then about the moral hazard of the statement that is this deal? This deal sends out the message that one can buy bonds and get a rate of interest on them relative to the risk but, remarkably, one cannot lose. In this country, one can set up a bank and give out loans to one's mates and if it all goes wrong, we pay for it - wonderful country.

We now have a situation whereby our Government has chosen the bondholders over children's health. People who came to me looking for a cochlear implant for their children's ears are told the State can only afford one. This is the equivalent of going into Specsavers and being told that there is only enough money for one lens and to go away. That is the decision the Government has made. I hope it can live with it.

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