Marian Harkin (Sligo-Leitrim, Independent) | Oireachtas source

In his contribution, the Minister, Deputy Donohoe, spoke of global and European solidarity. This word, "solidarity", can help us to defeat this crisis. If we can put it into action, we will come out of this a better society than that which went into it. I am very pleased to see that Ireland is part of a group of countries seeking a so-called coronabond. As Members will remember, some time ago there were proposals with regard to eurobonds, but that concept never really saw the light of day. Some member states are still talking about moral hazard. The number doing so, however, may be fewer and their voices may be less strident. As this crisis plays out, I believe there will be more support for this approach at an EU level. We did not do it during the last crisis, but we must do so now to deal with this one. The EU must not only put in place a €750 billion loan fund, but must look at coronabonds in order to provide both a stimulus and a safety net. In many ways, the future of the EU will depend on it.

Speaking of solidarity, we have to ensure solidarity from our banks. Several speakers have referred to this need. I spoke to some people on the front line in the banking sector yesterday. They are coming under terrible pressure. The Minister of State and the Minister, Deputy Donohoe, are in constant contact with the banks. Using whatever further pressure they can exert, they must ensure that we do not see the interest on interest of which some of my colleagues have spoken. It must not be the case that payments deferred now still have to be paid within a specified time. People are outraged at the idea of interest on interest. I know the Minister of State does not have complete flexibility, but these are extraordinary times and we require real and meaningful solidarity from our banks and financial institutions.

My colleagues, Deputies Fitzmaurice and McNamara, have drafted our response to the Covid-19 crisis, which we have sent to the three major political parties. This response is based on ensuring as much certainty as possible in these uncertain times. We support the Government's proposals but, as in any crisis situation, the first thing to do is to steady the ship. I believe we are doing that. Of course, in addition to short-term measures, there must be longer-term measures. At the moment we are firefighting but when businesses close, many owners will question whether to reopen. Unless we put proposals in place to support those businesses, some owners will still have that question in their heads. That needs to be dealt with in the weeks and months ahead in order to give those people hope and confidence. That also applies to everybody else. As I have said, the àla carteapproach shown by many financial institutions with regard to loans, mortgages and so on cannot continue.

I have spoken to many business owners who are shell-shocked and feel their future is uncertain. We must follow the example of some of our European colleagues, as I mentioned earlier, and give more support and hope to all those people who plan to re-open. It is not just loans. We must consider cash injections, deferral of payments to the Revenue Commissioners and so forth. We always say SMEs are the backbone of our economy so now is the time to show it.

Like many speakers, I wish to recognise the heroic efforts of so many people in our communities. However, one group in particular was mentioned by my colleague, the student nurses. Every Member agrees that they must be paid for the work they do. An extremely negative message will be sent if that does not happen.

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