Finian McGrath (Dublin North Central, Independent) | Oireachtas source

I appreciate the opportunity to speak on this Private Members' motion on the needs for the destruction of the legacy bank debt. I commend and thank my Independent colleagues and the Ballyhea Says No group on all their magnificent work, research and consistent campaigning on this urgent and important issue.

Before I go into the details of the debate on the motion, I add my support and deepest sympathy to the families of two great Irishmen, Fr. Alec Reid and Mr. Tom Gilmartin, who died in recent days. May they rest in peace, as they did their country a great service. Fr. Alec Reid made a huge contribution to our peace process and Mr. Tom Gilmartin stood up against corruption. Their families should be proud of them. May they rest in peace.

Will the Government acknowledge the massive burden these legacy debt issues are placing on society and remove the burden of bank debt that was unfairly placed on the shoulders of the people? The wording of the motion is very clear in stating:

That Dáil Éireann:

calls on the Government:

— to immediately lobby the European Central Bank for a one-off exemption from the rules of monetary financing, to allow the Central Bank of Ireland to destroy the €25 billion in sovereign bonds issued in February of this year, in lieu of the remaining promissory notes, plus the €3.06 billion bond also being held by the Central Bank of Ireland in payment for the 2012 promissory note; and

— to cease any and all interest payments currently being made on those bonds.

That is what this debate is about. It is time for the people and the Government to break free of this illegitimate debt. It is not our debt and that is the reality. In February, instead of insisting on a write-off of this illegitimate debt, the Anglo Irish Bank debt, the Government converted the Anglo Irish Bank and Irish Nationwide Building Society promissory notes into sovereign bonds with a longer repayment period but with no element of cancellation. Some €25 billion of these bonds are held by the Central Bank of Ireland and are scheduled to be traded on the markets. This deal was concluded only hours before a legal challenge to the promissory notes was due to be addressed in the Supreme Court. The Government chose to defend the promissory notes arrangement vigorously when the case was heard in the High Court.

It is time to stand up against the socialisation of private bank debt. These are not our debts and we refuse to pay or have our children pay. I call on the Minister of State in this debate to recognise this issue. When looking at this issue it is important to see the impact it has on our services. We have seen in recent days the crisis in our health service and the implications for the future of the country. The number of patients on surgery waiting lists has risen tenfold in recent months. There are 4,473 adults and children on public hospital waiting lists, whereas last year there were 433. That is the reality. This week there were 1,000 people on trolleys in hospitals throughout the country. How is the Government to tackle these issues if we have this debt on our shoulders? How are SMEs to make an impact?

I link this debate on the future of our country with the major crisis in our disability services. Services such as St. Michael's House had €12 million ripped away from it over the past three years. Some 490 families are now on priority residential waiting lists. Respite care services are being cut left, right and centre. I urge everyone in the Dáil to support the motion tabled by the Technical Group. Once again I commend the members of the Ballyhea group on their magnificent work against the odds and against the establishment in the country. The Independent Deputies are sticking with them on this issue.

See this speech in context