Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

More than two thirds of the Irish national debt is due to previous Governments running deficits. That is a fact. Less than one third is due to what Deputy Broughan deplores, that is, bust banks that had to be recapitalised and bailed out.

Deputy Broughan should not pretend that foreign bankers imposed this on us. Much of the burden of the debt was done domestically, over two thirds of it in fact. As we continue to run deficits - we will run one this year and next year - it increases the debt. As we increase the debt, it increases the amount of interest we have to pay. It is simple economics.

Finally, history will be a good deal kinder to the Tánaiste, Deputy Eamon Gilmore, than to Deputy Tommy Broughan when an assessment of this is made in future.

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