Brendan Howlin (Wexford, Labour) | Oireachtas source

I am glad the Deputy has accepted the vast bulk of the interest rate repayments are to sustain public services. Whoever caused the crash is a matter for debate and, it is hoped, will be elucidated upon by the inquiries undertaken by this House. I do not believe the Deputy would want it any other way, that we did not borrow the money to maintain health, social welfare and education services over the years. It would be unconscionable to collapse our social provision. We are required to borrow this money because the State’s income collapsed by 30%. We need to maintain decent social provision, something we have strived to do for several years.

On the unwinding, as I indicated publicly during the summer, I intend to start negotiations with public sector unions with the books opened in the same way during the Haddington Road agreement negotiations. It is hoped we will come to an orderly and fair mechanism for unwinding the emergency provisions that were necessitated by the economic collapse.

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