Catherine Murphy (Kildare North, Independent) | Oireachtas source

I do not dispute the fact that they are losses, but if the Deputy does not mind, I would like to continue.

It will take a further €25 billion out of the economy by 2032. It has not been written off, despite the Labour Party posters during the local elections stating €30 billion in debt had been written off. It is still there and we can use all the spin doctors we like in that regard. The problem is that this year €500 million will be taken out of the economy. I cannot remember the word the Governor of the Central Bank, Mr. Honohan, used, but essentially it will be taken out of the system. It is €500 million this year, €500 million next year and €500 million the year after that. The figure will then increase to €1 billion and, ultimately, to €2 billion. We know what €500 million buys. It is, for example, the take in property tax. We know what €500 million would do in the health budget for this year. It is a small fortune. The crazy aspect is that it does not have to be paid back to anyone but is being destroyed.

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