Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I welcome the opportunity to speak on this Private Members' motion tabled by the Technical Group and others, which deals with the issue of the Government bonds that replaced the Irish Bank Resolution Corporation, IBRC, promissory notes. First, I note that I am substituting on behalf of my colleague, Deputy Michael McGrath, of Cork South-Central, who at present is attending the Committee Stage debate of the Finance Bill with the Minister, Deputy Noonan. They have been there all day and will return there tomorrow and on this basis, I apologise. Second, I welcome to the Gallery the group from Ballyhea, in north County Cork, who have been closely watching this debate for some time. This group has been raising this issue for some time in their own quiet and effective way. I understand they have held a protest almost every Sunday for quite some time. They have travelled to Brussels and to Frankfurt to raise this issue and essentially, their message is the burden is too much for the Irish people and it is not their burden. I welcome the group to the Dáil today.

As for the motion before Members, Fianna Fáil tabled a series of amendments to the Government amendment that was moved today and I wish to deal with the essence of my party's proposals. First, our amendment emphasises the importance of the commitment given at the European Heads of State and Government summit meeting in June 2012. It stated "The Eurogroup will examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme." At the time, the Taoiseach called this a game-changer and stated it would bring about fundamental changes in respect of dealing with Ireland's financial industry and the debts associated with the banks. Since then, no further action has been seen on this matter. Now and again, one hears it being stated that there is a commitment. However, it is a commitment with no substance. I met representatives of the troika when they were in Dublin a fortnight ago, as part of the Fianna Fáil delegation, and we actually asked them whether there was any possibility of retrospective bank capitalisation. They simply laughed, as they knew it was nonsense. Everyone in the room knew it was nonsense. It was a great bit of public relations - the Taoiseach is excellent in that department - and he must get 100% for his public relations efforts. He fooled many people on that issue and still continues to do so. However, while there is no substance, he will peddle that story again.

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