Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

I agree in general with the comments of Deputy Hourigan. There are those outside this House who would advise that this was a done deal which cannot be reversed, that Europe has responded favourably to it and so on. It is amazing that a country outside the European Union, where this particular financial house resides, has the ability to overstep the border and make a sizeable investment that presents a danger of crippling one industry and pretending to support another. I brought this to the attention of the Minister who will know that I raised this issue on several occasions over the past years. I did the calculations like everybody else did and I could not see where the reduction in carbon was going to come from unless something was hidden in the agenda that we were not told about at all.

I want to talk about carbon sequestration for a moment. I was a member of a committee of this House many years ago when a great deal of work was done in this area. The present Minister, Deputy Eamon Ryan, was involved in it himself and made a useful contribution. Many things that were done there still stand and still need to be brought further. However, in this particular situation, somebody saw an opportunity, allegedly but not necessarily to serve the needs of the environment on one hand, and to cripple the dairy and beef industry on the other hand, thus bringing about carbon reductions. It was the obvious thing that was waiting to happen unless there was an alternative plan.

I want to mention that there is a variety of trees that are beneficial to carbon sequestration and some trees which are not. I feel sorry for the poor Sitka spruce, which seems to be blamed for almost everything and anything, including the bad weather and climate change. That is not true and it has its role to play but good forestry and tree management needs to be controlled in such a way that shelter is provided during the bleaker months of winter by Sitka spruce or other varieties of conifer. Members should remember that the Caledonian pine, which is not regarded as a native pine in this country any more, was found in the Céide Fields from 5,000 years ago.

I know we have a habit in this country of not declaring something to be of national interest or native to the area unless a certain amount of time has passed, but this is 5,000 years. I expect that the Caledonian Pine, Red Deal or any of those varieties are well and truly established as part of the national woodpile, for want of a better description, at this time.

I would warn about this. I remember this House well when a deal was put forward in relation to the sugar beet industry. It was a vital industry. Members from various parts of this country will remember it. It was an indigenous industry and a rotational crop which had several benefits. I could not believe what happened at the time. Allegedly the farmers were going to get €177 million. Like hell they were. There was never any intention to give it to them. The speed with which the sugar factories were dismembered and transported for scrap was amazing. It is amazing what can be done when the will is there to do it. That was wrong and it has been proven to be wrong. This proposal has a similar smack about it. Its intentions can be justified on paper but in reality the damage that is likely to be done as a result of this proposal is huge. I am not an enemy of financial houses or anything but I agree with what others have said that we must control the use they are put to.

The Governor of the Central Bank was before the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach yesterday. He was frank about the degree to which he could intervene, if at all. To those who say it is a done deal and cannot be reversed I say that is not true. It is not so. A sovereign state has the right at any time to change its mind for whatever reason and in the face of evidence emerging. I say to the Minister of State that this is not a criticism. I do not speak of this lightly. I do not accept the arguments put forward in its favour. It is the thin end of the wedge. It is something that will grow and grow. It will get bigger and bigger and eventually we will be owned by somebody who is not only outside the country but outside the European Union. That is an extraordinary situation altogether. I have never seen anything like it.

Indigenous industry is about to be affected. I am talking about the cereal, beef and dairy industries, all of which made a major contribution to the recovery of this country after the financial crash. Without them, it would have been much longer and more severe. If we go down that road again, we do so knowing full well where we are going and we ignore the benefits of retaining our national interest in a way that reflects well on the thinking of the people. We should not have to go down the road of being advised by so-called experts who always know more than us, of course. We are only humble citizens representing humble citizens. But they do not. They are people who have a right to hold their view in a way that is resolute and will stand the test of time.

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