Peter Mathews (Dublin South, Independent) | Oireachtas source

Recapitalisation is refinancing in the form of capital. The detritus from Anglo Irish Bank is approximately €25 billion in promissory bonds. It is a debt with which the people have been saddled, wrongly so. It is a ball and chain. The other two banks still have liabilities to the euro system in the form of balances due to the ECB and the Central Bank of Ireland. A line should be put through these balances in the form of capitalisation. Why is that? The banks are not doing what they should be doing with the capital they have received, that is, writing down their assets that are uncollectable.

It is simple, but when people use jargon they do not understand everybody becomes confused and their brains become scrambled. People in Ireland are badly served. The liabilities to the euro system should be reduced for the two or three remaining banks and the part of the national debt in the form of promissory bonds that have not yet been sold into the market cancelled. A Government that understood the position of Irish people would adopt that agenda, which should not be the result of wrongdoing by the financial system. If it had courage, guts and leadership, that is what it would do. Not only should the amendment be supported, but we should go further.

See this speech in context