Mick Wallace (Wexford, Independent) | Oireachtas source

-----through the nationalisation of Anglo Irish Bank debt was certainly questionable and there is a strong case to be made for the cancellation of this debt, especially as the State was essentially defrauded by Anglo Irish Bank. The bank guarantee was illegitimate, undemocratic and probably the worst political decision made in the history of the State.

Why should the people of Ireland foot the bill for generations to come for debts which they had nothing to do with, debts incurred through the criminal or negligent activity of bankers, regulators and politicians? To date, the State has been reluctant to hold bankers to account for wrecking our economy despite the negative impact on every life on this island while on the other hand, the people and those not born have been and will be penalised for offences they did not commit.

Added to the moral argument of who should justifiably be held responsible for banking debt is the economic argument. Economic analysts, such as Micheal Taft, have highlighted the fact that the banking debt is a drain on our economy and counterproductive to economic recovery. Taft shows that Ireland is dangerously indebted with Government figures putting our debt at 124% as a percentage of GDP for this year, the highest it has been to date.

The Government's mantra is not to worry, all of this is sustainable and economic growth will reduce our deficit, as will austerity. Sadly, the truth of the matter is that there will be little or no economic growth in this country while the Government's policies are actively undermining same. The latest figure was 0.4% for the second quarter of 2013 and yet the Government's projections of reducing debt depend on economic growth of 1.8% next year, which was itself revised downwards from 2.4%. Added to this is the fact Government debt is actually higher than the already alarming rate of 124%. When measured as a percentage of GNP, as recommended by the ESRI, our debt is more than 150% this year, which highlights the fact this debt is not serviceable.

However, if the Government is to be believed, the debt is perfectly serviceable. On whose backs can this be done? How much more is this Government prepared to sacrifice to pay off faceless institutional investors? How much more pain is it prepared to inflict on the people of Ireland? Will all of our public assets be sold off over the coming years? Will all services be privatised? Will the welfare state be further dismantled? Will young people continue to be evicted from this country? The level of influence the people of this country have in how it is run is continuing to dissipate. Austerity was not of their choosing. It was certainly not of their choosing that the weakest and most vulnerable should suffer most.

Last weekend, I visited the Corrib site for the first time. I met a powerful group of people who dared to stand up to Shell and to the State in defence of their community and of the environment. They were battered for their efforts. It is a shocking story. I do not believe the community will get over it in the next 50 years. This State should be ashamed of what has happened in the Corrib case in the name of big business. It is disgraceful. I also salute the people of Ballyhea, who are refusing to accept the unfair burden that has been imposed on the Irish people. They have worn out their shoe leather, Sunday after Sunday, to show that this is not good enough, that it is not fair and that the Irish people deserve better. The onerous debt needs to be written off on moral or economic grounds as a matter of urgency. I support the motion before the House.

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