Peter Mathews (Dublin South, Independent) | Oireachtas source

On 28 November 2010 we had the arrival of the troika, indicating where it wanted us to make those fiscal adjustments. One of the items that came up was the proposal to introduce a comprehensive overarching water utility, incorporating water charges. We should have told it to get lost and that we were going to deal with priorities first and add up correctly the bill for what had taken place in the economy. It was not just €64 billion; it was about €135 billion or €140 billion of losses. Those losses in the banks, whether they were Irish-owned or non-Irish-owned, in the domestic economy arose in the households and SMEs of this country. What ends up on the banks' balance sheets as losses is also mirrored in the losses of those households. It may not be fully realised and may be realised over the next 20 years in impossible repayments.

I was doing a message today on Dawson Street when Professor Morgan Kelly crossed the road and reminded me of the genesis of all the stuff we are trying to deal with today. Do Members remember Professor Morgan Kelly, who said we would be relying on the kindness of strangers when at that stage even the scale of losses had not been fully admitted?

I will not look and point to one side of the House or the other side of the House; we are where we are. The challenge now is maybe to come down on 28 December to Ballyhea to the 200th protest at the complete wrongfulness of the imposition of what still remains on Professor Patrick Honohan's desk, €25 billion of Government bonds which are bonds that the people of Ireland will have to repay. They should be cancelled unilaterally because they are not for our account. I invite Government party Members to join that protest.

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