Michael Healy-Rae (Kerry South, Independent) | Oireachtas source

He can tell that to his grandchildren. The public is not fooled by the Government's spin. The people know they will give decades working to see their hard-earned money leaving the country to pay for debt that they never had a hand, act or part in incurring in the first instance. This is a shame. Regardless of how much spin the Government puts on it, nothing will ever take from these facts. It may take a long time before the people who applauded this deal in this Chamber rue the day they did so - it may not be this month or next month - but that day will eventually come. They are perfectly entitled to their opinions on the matter. When the vote on this motion takes place, it will probably be the last time this House divides on the question of converting Ireland's bank debt into sovereign debt. The Cabinet did not ask for the €30 billion burden to be shared with the other eurozone members. Why did it not even try?

When the promissory notes were issued in 2010, all functioning Irish banks were already protected by the State's guarantee. Irish deposits in Anglo Irish Bank and the Irish Bank Resolution Corporation could have been protected for a fraction of the €30.6 billion cost of the promissory notes. All €22.5 billion of senior debt in Anglo Irish Bank and the Irish Bank Resolution Corporation has been paid in full or will be paid in full shortly. There is an irrefutable case for the €30.6 billion burden to be shared with other eurozone members, which are benefitting from the promissory notes through the stabilisation of their banks. The Government can call it what it wants - a promissory note one day and sovereign debt the next day - but once a freak show, always a freak show, as Fintan O'Toole would say.

I am concerned this massive debt burden will have to met by children who are not yet born, even though it was not incurred by them or their parents in the first instance. It is a shame. I would be the first person to compliment a Government if I thought it was doing the right thing. I would be the first person to praise Ministers if I thought they were doing the right thing. I do not think that is the case in this instance, unfortunately. Like many other people, I do not agree with what is being done. At the end of the day, we are where we are. The Government's majority means that its views and opinions on various matters can be pushed through in the Dáil.

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