Richard O'Donoghue (Limerick County, Independent) | Oireachtas source

I understand from the motion that exceptional circumstances exist and that a payment of €500 million this year would place an undue burden on the public finances. Some €9 billion is being made available from the European Central Bank, ECB, through the pillar banks as a stimulus to businesses in the economy. Where is the money going? The ECB has given this to the Irish banks.

Let us look at the Irish Government loan guarantee scheme launched in September 2020. Some €2 billion of this was administered by the pillar banks and it is due to expire in December. The total amount withdrawn from this is €60 million. The pillar banks have only given out 3.5%. The available money that was borrowed at 0% should be used. There was never a better time to put money into the Irish Infrastructure Fund. Take a leaf out of Michael O’Leary’s book where he purchased aircraft during the biggest slump that ever hit the aviation sector. Spain has borrowed €890 million to fund a 282 km high-speed train connection, creating 17,000 jobs. Ireland is lagging behind.

We are in exceptional circumstances as other Deputies have rightly said and it is raining down on the whole world. We need to have people who will invest in our infrastructure so that our infrastructure can invest in us. Covid-19 has shown the lack of amenities in Ireland in broadband services, infrastructure and earlier on today we heard an Taoiseach, Deputy Martin, speaking about bringing people into the towns and villages where there is infrastructure. We do not have infrastructure in Limerick. Askeaton is waiting 30 years for a sewage system and Oola is waiting 20 years for one. The Government is trying to encourage people into towns and villages where there is no infrastructure. I ask for investment to be made in Limerick and in the future of our country and the country will invest in you. This comes from a business background. I am in business all my life and if I do not invest, there is no future for me. I ask the Government to invest in rural Ireland.

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