Ruth Coppinger (Dublin West, Socialist Party) | Oireachtas source

I move amendment No. 16:

In page 41, lines 11 to 15, to delete all words from and including ", and" in line 11 down to and including "2010)" in line 15.

This relates to the important matter of the ability of councils and other agencies to borrow in order to participate in strategic investment. On page 41 of the Bill we see the effects of successive EU regulations which prohibit the Government from allowing such investments. It specifies that investments cannot have a negative impact on the net borrowing of the general Government of the State for any year. It allows rules from the EU, the troika and the IMF to prevent the Government from taking investment decisions as it sees fit to provide socially necessary infrastructure. It is also a recipe for the continuation of austerity, because there is no way austerity can end without borrowing in the public interest.

Fine Gael and the Labour Party took a hammering in the local and European elections on this issue because, after six years, the country has had enough. The only way we can escape the unemployment and emigration crisis is by borrowing at times to make necessary investment. This very damaging provision would prevent, for example, councils from borrowing to build vital houses.

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