Peter Mathews (Dublin South, Independent) | Oireachtas source

In the light of the discussion thus far, I ask the Tánaiste to remember several issues and place them high on the agenda in negotiations with the European Union and Germany. Ireland's needs come first and should be articulated robustly. Creditors should be told the €28 billion in long-term bonds that replaced the pro-notes is misplaced and odious. Arrangements should be put in place to eliminate the bonds. Wolfgang Schäuble has stated everything in Ireland is fine. That seems to echo what was said last week when a stand-by line of credit was not considered necessary. Even the strongest companies in the world of free markets and capitalism organise stand-by lines of credit not just with one bank but with syndicated banks. We definitely need a stand-by line of credit. In March 2011 the prudential capital assessment review of the banks indicated further capitalisation. That was carried out in July 2011 and €16 billion of the National Pensions Reserve Fund disappeared. We have €20 billion in cash and do not know what is around the corner. The way we will create jobs in the economy is by strengthening underlying growth through a rebalancing of the combination of taxation and cuts in order to distribute income and restart the economy.

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