Dáil debates
Wednesday, 27 June 2012
Leaders' Questions
10:30 am
Micheál Martin (Cork South Central, Fianna Fail)
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The Government established a special Cabinet committee on mortgage arrears. We have had the Keane report. There has been much soul-searching as part of the attempt to provide answers to the 118,000 people who are in significant mortgage arrears of over 90 days. The Irish Examiner summed up yesterday's rushed press conference very well when it referred to it as a "newsless news conference". Another columnist described it as "a very moving waste of time".
Jerry Buttimer (Cork South Central, Fine Gael)
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How many reports did the Deputy commission when he was in government?
Micheál Martin (Cork South Central, Fianna Fail)
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In many ways, it sums up the Government's approach, which is really more about spin than about substance.
Jerry Buttimer (Cork South Central, Fine Gael)
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The Deputy is the King Kong of spin.
Micheál Martin (Cork South Central, Fianna Fail)
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This serious issue affects people in mortgage arrears. I would like to mention something that was not announced yesterday. It did not merit a Government press release or press conference. Last week, the Minister, Deputy Burton, commenced a statutory instrument and laid it before the House. It was buried in Iris Oifigiúil. Essentially, it begins the phasing out and cutting of mortgage interest supplement, which is the most practical scheme that helps low-income families to avail of State support to keep the banks at bay and stay in their houses. Where is the social solidarity? The broken promise of burning the bondholders will get its final burial this week, when €1 billion is paid by the Taoiseach.
Alan Shatter (Dublin South, Fine Gael)
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One would think the Deputy had never been in government.
Micheál Martin (Cork South Central, Fianna Fail)
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Where is the social solidarity? How can the Labour Party stand over the phasing out and ending of the mortgage interest supplement scheme, which has been of benefit to 19,000 families?
Bernard Durkan (Kildare North, Fine Gael)
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How can the Deputy stand over what his party did in government?
Micheál Martin (Cork South Central, Fianna Fail)
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We all know that figure has jumped significantly in the last two years.
Simon Harris (Wicklow, Fine Gael)
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Thanks to the Government of which the Deputy was a part.
Micheál Martin (Cork South Central, Fianna Fail)
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It is likely to jump again. The low-income families that have been able to avail of this scheme will no longer be in a position to do so. They will have to deal with the banks first. They will have to make payments for 12 months before they will be considered for the mortgage interest supplement scheme. The Taoiseach briefed the banks yesterday, but he would not brief this House or the public on the details of the Bill.
Micheál Martin (Cork South Central, Fianna Fail)
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We have tabled a notice asking for the statutory instrument in question to be annulled. Will the Taoiseach agree to annul the instrument, which will make it much more difficult for low-income families to apply for mortgage interest supplement relief in the future?
Enda Kenny (Mayo, Fine Gael)
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I am not interested in the speculation to which the Deputy has referred. Newspapers are entitled to write their reports as they see fit. That is their business.
Brendan Howlin (Wexford, Labour)
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Deputy O'Dea writes some of them.
Michael McCarthy (Cork South West, Labour)
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He is job-sharing with the Sunday Independent.
Enda Kenny (Mayo, Fine Gael)
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Representatives of the Economic Management Council and the banks met each other yesterday evening. At that meeting, the banks did not receive any detail in addition to that provided when we announced that the Government had approved the personal insolvency legislation. Unlike meetings that were held in Government Buildings in the past, a full written account of this meeting will be available as a record of it for posterity.
Willie O'Dea (Limerick City, Fianna Fail)
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Will there be a file on it or will it be shredded?
Jerry Buttimer (Cork South Central, Fine Gael)
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Corporal O'Dea is back.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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The Taoiseach is well capable of looking after himself.
Jerry Buttimer (Cork South Central, Fine Gael)
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Bring back Dan Boyle.
Enda Kenny (Mayo, Fine Gael)
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I want Deputy Martin to understand that the mortgage arrears sub-committee has met six times in the last six or eight weeks to push this through to a conclusion. The legislation will be published and the details will be provided on Friday. I want to make it perfectly clear that this is not about people who cannot pay - it is about people who will not pay. The lenders do not have to wait for the legislation to be implemented before they start to sit down with their customers and borrowers to work out solutions. If the banks respond to the Keane report by actually pushing through the options and facilities that will be made available to them, the need for the personal insolvency legislation to be used will be greatly diminished. The statutory instrument mentioned by Deputy Martin arises from people entering into the mortgage arrears process within the Keane report. It is for that reason that the Minister initiated the statutory instrument. That will proceed.
Micheál Martin (Cork South Central, Fianna Fail)
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Can the Taoiseach explain that again? His last comment-----
Joan Burton (Dublin West, Labour)
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It is recommended in the Keane report.
Micheál Martin (Cork South Central, Fianna Fail)
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I am not asking the Minister. The Taoiseach seems to be completely unaware-----
Enda Kenny (Mayo, Fine Gael)
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It is recommended in the Keane report.
Micheál Martin (Cork South Central, Fianna Fail)
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It is not about the Keane report. It stems from the Social Welfare Act.
James Reilly (Dublin North, Fine Gael)
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As per a recommendation in the Keane report.
Micheál Martin (Cork South Central, Fianna Fail)
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It is commencing an order emanating from the Social Welfare Act. The Taoiseach does not seem to be aware of that. When he held his big press conference yesterday and all the lights and cameras were there-----
Emmet Stagg (Kildare North, Labour)
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The Deputy would not read his own reports when he was in government.
Micheál Martin (Cork South Central, Fianna Fail)
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It was called the action plan for mortgage arrears.
Frank Feighan (Roscommon-South Leitrim, Fine Gael)
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The Deputy was there for 15 years. He is like Peter Pan.
Micheál Martin (Cork South Central, Fianna Fail)
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He seemed to be blissfully unaware about a very significant measure taken by the Minister for Social Protection which will restrict the ability of low-income families to access mortgage interest supplement relief, which is a very practical step-----
Jerry Buttimer (Cork South Central, Fine Gael)
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What did the Deputy do in government?
Micheál Martin (Cork South Central, Fianna Fail)
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Do not be getting shirty about it because you know it hurts.
Jerry Buttimer (Cork South Central, Fine Gael)
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The altar boy mask is slipping.
Micheál Martin (Cork South Central, Fianna Fail)
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These people over here know it hurts.
Jerry Buttimer (Cork South Central, Fine Gael)
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The only job the Deputy was after was Brian Cowen's job.
Micheál Martin (Cork South Central, Fianna Fail)
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The Labour Party arm of the Government, in particular, promised that there would be social solidarity.
Jerry Buttimer (Cork South Central, Fine Gael)
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The Deputy is only a con artist.
Micheál Martin (Cork South Central, Fianna Fail)
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I asked a very basic question of the Taoiseach.
Jerry Buttimer (Cork South Central, Fine Gael)
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He is only a con artist.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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If the Deputy does not stop interrupting, he will go out.
Micheál Martin (Cork South Central, Fianna Fail)
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I will repeat the basic question I asked the Taoiseach.
Jerry Buttimer (Cork South Central, Fine Gael)
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The Deputy is only codding the people.
Micheál Martin (Cork South Central, Fianna Fail)
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Will he repeal the wrong decision that has been taken?
Jerry Buttimer (Cork South Central, Fine Gael)
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He is only a con artist.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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I have told the Deputy to stay quiet.
Micheál Martin (Cork South Central, Fianna Fail)
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The statutory instrument is a wrong decision. I think it should be repealed.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Will the Deputy put his question?
Micheál Martin (Cork South Central, Fianna Fail)
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It is very difficult with the kind of heckling that is going on.
Jerry Buttimer (Cork South Central, Fine Gael)
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The Deputy ought to be ashamed of himself. He is a fraud.
Micheál Martin (Cork South Central, Fianna Fail)
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In fairness, a Cheann Comhairle, I am doing my best to put the question.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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A question, please, not a statement.
Micheál Martin (Cork South Central, Fianna Fail)
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I am entitled to a minute.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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You are not entitled to make a statement.
Micheál Martin (Cork South Central, Fianna Fail)
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Here we go again.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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You are entitled to a minute to ask a supplementary question.
Micheál Martin (Cork South Central, Fianna Fail)
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I asked a basic question.
Mattie McGrath (Tipperary South, Independent)
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We cannot hear him.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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I ask the Deputy to mind his own business.
Micheál Martin (Cork South Central, Fianna Fail)
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It is likely that thousands of people will get into mortgage arrears in the coming weeks and months. What was, essentially, a very practical scheme has been cut and phased out.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Please ask your supplementary question.
Micheál Martin (Cork South Central, Fianna Fail)
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That is the impact of the statutory instrument. I asked the Taoiseach if he will repeal that statutory instrument.
Micheál Martin (Cork South Central, Fianna Fail)
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There were no press conferences about it but he should do it. It is the honourable and right thing to do by low income families who will bear the brunt of this decision It is not the banks or anybody else, but those families who will get into difficulty in the coming weeks and months.
Enda Kenny (Mayo, Fine Gael)
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It is the banks which will get this money. This year it will cost about €50 million. This recommendation was made as part of the Keane report. It is an incentive for banks to sit down with their borrowers to work out solutions for people-----
Enda Kenny (Mayo, Fine Gael)
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-----who are getting into mortgage arrears.
Micheál Martin (Cork South Central, Fianna Fail)
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The banks will retain the veto.
Micheál Martin (Cork South Central, Fianna Fail)
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The Taoiseach could not answer that question yesterday.
Enda Kenny (Mayo, Fine Gael)
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There is no intention of repealing the statutory instrument. Under this system and for those in this category, the banks will be in receipt of €50 million of taxpayers' money.
Micheál Martin (Cork South Central, Fianna Fail)
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The Taoiseach cannot answer any question.
James Reilly (Dublin North, Fine Gael)
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The Deputy deliberately misunderstands.
Timmy Dooley (Clare, Fianna Fail)
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The Minister might find something under a trolley.
Pat Rabbitte (Dublin South West, Labour)
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Macho, with an altar boy's face.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Please go on making a show of yourselves. I call Deputy Adams.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Please stay quiet and allow the Deputy to ask his question. There is a time limit on this. Will Deputies please pay the courtesy to the Chair of allowing the Deputy to ask his question, without the interruptions from both sides? Thank you.
Gerry Adams (Louth, Sinn Fein)
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The Taoiseach has another European crisis summit. In his interview in The Irish Times today he spent most of his time explaining why the issues affecting this State will not be raised by him. That has been his constant mantra before and after every summit he has attended. Yesterday, I asked the Taoiseach if he would bring a jobs stimulus plan to this summit; the answer was "No". I asked if he had concrete proposals about how the EU structural funds should work; the answer was "No". I asked if he had explored how funds from the European Investment Bank could be used in conjunction with the National Pensions Reserve Fund to stimulate growth and jobs; the answer was "No". He stated his position: "It is not Ireland that is in focus at this time." That is his explanation for not raising these issues.
He also welcomed the Van Rompuy report which sets out a charter for closer EU integration on a banking, fiscal and political union. The Taoiseach must know this means more co-ordination on tax policy, even more dilution of Irish sovereignty and stronger EU involvement in State budgets. Is that not the real reason he is not bringing forward his own proposals for growth that would get our people back to work? Is it not because he supports these federal EU propositions?
Enda Kenny (Mayo, Fine Gael)
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Deputy Adams is wrong on all counts, as he usually is. This Government has repeatedly made the case at European level, both politically and at official level-----
Enda Kenny (Mayo, Fine Gael)
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-----for the need for growth, jobs and a stimulus to drive and encourage movement in the European economies. The meetings on Thursday and Friday will deal with an increase in funding that is available from the European Investment Bank which, in turn, will leverage further moneys but it has to be made available to countries that are in vulnerable positions or those such as Ireland that are in a programme. That is the first answer, a "Yes", which Ireland will articulate very strongly.
Second, I refer to the approval of project bonds. This is an opportunity for flexibility to be shown by Europe in respect of these bonds which have only applied to huge intercontinental infrastructural developments such as motorways, autobahns or railroads. Project bonds would be useful for smaller countries but flexibility must be shown in that regard. That is an issue I will articulate, along with a number of other smaller countries, namely, that as part of the growth and jobs stimulus project bonds should be flexible enough to cater for smaller countries.
Third, I refer to creative ways of using structural funds that remain unspent in countries. This country has spent all the structural funds that were allocated to it. Greece, for example, was allocated €16 billion which it cannot spend because of the requirement to put up moneys from a national perspective. In an overall sense, significant amounts of structural funds will not be spent. The political challenge is to find a creative way of not withdrawing money from envelopes allocated to individual countries but finding a facility whereby when money is not spent over a range of countries a creative way can be found to use it.
Peadar Tóibín (Meath West, Sinn Fein)
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Some €100 billion of new money went to Spanish banks.
Enda Kenny (Mayo, Fine Gael)
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Romania, for example, cannot draw down all its structural funds and there are a number of other problems in that regard. In those three areas, in respect of the growth and jobs agenda, Ireland will be very strong in articulating what is in both our interest and the interest of the eurozone. The problem, however, is the banking crisis and that is the issue for Friday's meeting. The problem we face here is that if one accepts the principle of European decision-making and sharing of liability, the corollary is also true. In Ireland's case what happened was that the direction was given from Europe and the Government lay down in front of it and accepted that the Irish people should shoulder all of that liability. That is where there needs to be change. That is the design flaw that applies within the eurozone.
As I stated in that interview, the eurozone banking crisis is holding back this and every other country. As an exporting nation we need other European economies to be thriving and getting stronger so that they will buy our goods. Europe as a whole buys from other countries around the world; it is a global situation. The real opportunity on Friday is for political leadership. Speculators and those who write and comment can say what they like. This must be a political process with a political decision that will set clarity of structure and strategy in which markets and investors can have confidence and understand the strength of and the future of the euro and the eurozone. That is a political problem that must be dealt with by political leaders. We - and I - will articulate this. I will articulate that argument very strongly on behalf of the Irish Government and the people. What was accepted in the past is the cause of the problem. The principle of acceptance of European decision making and sharing of liability was not applied in the case of this country - to our cost.
Gerry Adams (Louth, Sinn Fein)
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Once again, the Taoiseach has totally ignored the question. He also engaged in extreme revisionism.
James Reilly (Dublin North, Fine Gael)
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You would know a lot about that.
Patrick O'Donovan (Limerick, Fine Gael)
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Shake the hand that shook the hand.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Without interruption, please. Thank you.
Gerry Adams (Louth, Sinn Fein)
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What was the question I put to the Taoiseach? It was about his support for the Van Rompuy proposals for a federal Europe. His rhetoric about wanting to be the Taoiseach who restores sovereignty is only that. It is like the nonsense from his partners in the Labour Party. The fact is he is not bringing forward proposals for job stimulus
Arthur Spring (Kerry North-West Limerick, Labour)
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Where are your proposals?
Gerry Adams (Louth, Sinn Fein)
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He is not bringing forward any of the propositions we put to him.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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A question, please. Thank you.
Gerry Adams (Louth, Sinn Fein)
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He knows there needs to be a clear plan for renewal, growth, jobs and investment but his Government does not have that. There needs to be a clean-up of the toxic banking debt.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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A question, please. Thank you.
Gerry Adams (Louth, Sinn Fein)
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His Government does not have that.
Gerry Adams (Louth, Sinn Fein)
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Le do thoil, a Cheann Comhairle.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Please stop the behind the scenes shouting. Please put your question, Deputy Adams. There is one minute for a supplementary question.
Gerry Adams (Louth, Sinn Fein)
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The question is this. It is only a month since we had a referendum on the austerity treaty, which was advocated by the Government and Fianna Fáil. We pointed out at the time that it would not work.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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What is the question? Please put the question. Will the usual suspects ever stay quiet, just for two more minutes?
Gerry Adams (Louth, Sinn Fein)
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Will the Taoiseach accept that the people who voted, through gritted teeth-----
Bernard Durkan (Kildare North, Fine Gael)
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He has abdicated responsibility.
Gerry Adams (Louth, Sinn Fein)
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-----in favour of that treaty will feel very badly let down by him when he says to them, "Before you go". Imagine if this was a Munster final.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Thank you, Deputy. We will get the Munster final next month.
Gerry Adams (Louth, Sinn Fein)
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Ireland is not the focus at this time. Why turn up? The Taoiseach is going as a spectator instead of a player and I am very disappointed in that.
Enda Kenny (Mayo, Fine Gael)
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The Deputy is wrong again. I reported to the other political leaders on the Government's publication of its own action plan for jobs nationally, with 270 propositions to open the doors of business. I reported and discussed with the other leaders the renegotiation of the memorandum of understanding by the Government in respect of job opportunities and taking the lower paid out of a requirement for certain payments and so on. In addition, I presented a report to the other leaders in respect of small and medium enterprises and how the doors for opportunities could be opened. That will be reported on again and responded to by the Commission very shortly.
The Van Rompuy report sets out a strategy for greater cohesion but for the development of the eurozone and the European Union. I support the question-----
Enda Kenny (Mayo, Fine Gael)
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-----of creative use of Structural Funds. I support the question of flexibility for project bonds suitable for smaller countries and I support the leveraging up of extra finance for the European Investment Bank.
Enda Kenny (Mayo, Fine Gael)
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I expect to meet the head of the European Investment Bank here shortly.
Enda Kenny (Mayo, Fine Gael)
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The Deputy should know this is about the opportunity to provide other moneys for infrastructure here, be it bundles of schools, primary care centres or other pieces of infrastructure. In that sense it is not about a federal Europe, which I do not support.
The Deputy mentioned the phrase "extreme revisionism". This is a day of particular significance for the country. For the Deputy, extreme revisionism is something that he could be open about now because while we differ here on all of these political issues, there is one thing that I have in common with him-----
Enda Kenny (Mayo, Fine Gael)
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-----and it is that in the context of extreme revisionism neither he nor I were members of the IRA or the IRA army council.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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I call Deputy Boyd Barrett.
Gerry Adams (Louth, Sinn Fein)
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I thank the Taoiseach for that.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Could Members settle down for the next speaker, Deputy Boyd Barrett, please?
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Are the Members finished talking now? Deputy Boyd Barrett to proceed.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Deputy Ferris is being very disorderly.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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I thank the Ceann Comhairle.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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I do my best for the Deputy.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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As the Taoiseach rightly suggested, Fianna Fáil bankrupted this country by providing a blanket guarantee to bankers and bondholders-----
Pat Rabbitte (Dublin South West, Labour)
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We are all agreed on that.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----yet the Taoiseach's Government has continued this disastrous policy at a terrible cost to ordinary citizens who have lost their jobs and seen their incomes and services butchered. The Taoiseach has extended that policy by continuing to pay off unsecured and unguaranteed bondholders.
Tom Hayes (Tipperary South, Fine Gael)
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Can we have a question?
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Yet no matter how much the Taoiseach grovels to the troika and to Angela Merkel she snubs her nose at us and insists that we take more pain and now she wants to do the same to Spain and Italy. Yet against this background this week the Taoiseach's Government is in the process of paying over €1 billion to Anglo Irish Bank and Irish Nationwide bondholders. Is not the equation in terms of this transaction very simple and very cruel? Somewhere in the Mediterranean or the Caribbean a multimillionaire speculator will be cracking open a bottle champagne to celebrate his profits bonanza and the stupidity of the Irish Government-----
Arthur Spring (Kerry North-West Limerick, Labour)
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That is a good soundbite.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----while somewhere in rural Ireland-----
Patrick O'Donovan (Limerick, Fine Gael)
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What would the Deputy know about that?
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----a community fears for the future of their school, or the parents of children with intellectual disabilities-----
Patrick O'Donovan (Limerick, Fine Gael)
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The Deputy would know nothing about rural Ireland.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Will the Deputies allow the Deputy in possession to put his question?
Ruairi Quinn (Dublin South East, Labour)
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A question would be welcome.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----fear for their child's future because of the loss of vital supports, or more families are made homeless as a result of the Government's cuts in rent allowance.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Thank you, Deputy.
Bernard Durkan (Kildare North, Fine Gael)
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What is the question?
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Why does the Taoiseach not save these vulnerable people more suffering by refusing to enrich the multimillionaire speculators in Anglo Irish Bank bonds and go to the European Council and tell Angela Merkel that we have had enough-----
Brendan Howlin (Wexford, Labour)
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Keep your money, Angela, we will be fine.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----that the people of this country have had enough suffering and they will not continue to take the pain for her and the multimillionaire speculators?
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Thank you, Deputy. The Taoiseach to reply.
Enda Kenny (Mayo, Fine Gael)
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I am not sure what Deputy Boyd Barrett's question is. I thought he was going to tell me-----
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Go to the European Council and tell them-----
Brendan Howlin (Wexford, Labour)
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We do not want any more money.
Alan Shatter (Dublin South, Fine Gael)
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The Deputy does not want any more supports from them either, is that it?
Enda Kenny (Mayo, Fine Gael)
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I thought Deputy Boyd Barrett was going to tell me what day he has chosen for his day of national protest.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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It is 18 July. I am glad the Taoiseach mentioned it.
Enda Kenny (Mayo, Fine Gael)
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That is the day the Dáil will rise, is it?
Enda Kenny (Mayo, Fine Gael)
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I have made it clear before that we share the public's dismay at the cost of honouring the banking debts, considering the role of the banks in the economic crisis. When the Government was appointed we raised this with the ECB and with the various authorities at European level. The fact is the vast majority of Anglo Irish Bank debts were paid off by our predecessors in office. Some €15.7 billion was paid out in senior unsecured bonds since the Government of the day issued a blanket guarantee back in September 2008 and €160 million remains to be paid after this week. If one allows Anglo Irish Bank to default clearly that would create doubt over future funding being made available by the European Central Bank to Irish banks at very low interest levels and we would see a renewed flight of funds and ever tighter credit conditions being placed on potential Irish job creators. We cannot and will not have that.
As I said to Deputy Adams on many occasions, we are not going to default, especially as we have rebuilt the reputation, trust and the confidence of this country. What we need now at political level is a political decision to deal with the eurozone banking crisis. The changes being made by Government are challenging and great credit is due to the people in accepting those changes and for the clarity of their decision, not least in the Deputy's constituency, in respect of the fiscal stability treaty. The crisis of the moment is the banking crisis within the eurozone.
The Van Rompuy paper, referred to by Deputy Adams, is a strategy and a roadmap where growth and opportunity can be created but for me and for the other leaders, the question is what political decisions can be made on Friday in regard to the immediate crisis in the banking situation within the eurozone and to set out that pathway and strategy where confidence, trust and stability can be restored. It is important for investment into the eurozone, investment here, purchases of goods and dealing in the euro. All of those areas require political decisions and that process has to start on Friday.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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If I understand the Taoiseach correctly, what he is saying is that maintaining our good reputation with some multimillionaire on a yacht who is celebrating tonight his good fortune-----
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----over the decision to pay back bonds is more important than the future of children with intellectual disabilities------
Paul Kehoe (Wexford, Fine Gael)
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He probably went to St. Michael's.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----who have to face the year ahead without vital supports that they need-----
Paul Kehoe (Wexford, Fine Gael)
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He probably went to St. Michael's-----
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----or small rural schools that face closure-----
Bernard Durkan (Kildare North, Fine Gael)
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The Deputy knows nothing abut rural schools.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----or families that are being turfed out on the streets.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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A question please, Deputy.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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That is what the Taoiseach is saying.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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I am interested in what the Deputy is saying. Could I have a supplementary please?
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Today and tomorrow the Taoiseach intends to pay €0.5 billion back to these bondholders in order that our reputation is good with them. Is that what the Taoiseach is saying?
11:00 am
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Thank you Deputy.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Of course, the bondholders must love us; Angela Merkel must absolutely adore the Taoiseach at this stage.
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Thank you, Deputy. Is that your question?
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Is our reputation with those people more important than the future of vulnerable citizens and children and ordinary people in this country who are being crucified with the cuts that are having to be made in order to repay these speculators-----
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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What is your question, Deputy?
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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-----and bondholders?
Patrick O'Donovan (Limerick, Fine Gael)
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The Deputy is delighted with austerity.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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What sort of priorities are those?
Enda Kenny (Mayo, Fine Gael)
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Deputy Boyd Barrett does not seem to understand or appreciate the consequences of default. His whole philosophy in this House has been negative, a case of do nothing, work for nothing, pay for nothing. Part of the discussions-----
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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People are working very hard.
Enda Kenny (Mayo, Fine Gael)
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-----on Thursday and Friday are specifically about-----
Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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Please allow the Taoiseach, please.
Enda Kenny (Mayo, Fine Gael)
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-----increasing the extent of funds available to the European Investment Bank which will, please God, have a direct impact on many of those communities whose schools are in poor shape. What is being negotiated is the opportunity to provide bundles of primary care centres or schools under the PPP, public-private partnership, system, provided the conditions can be applied and that the extra funding made available through the EIB can be provided for countries in vulnerable positions such as Ireland. This is in addition to the €17 billion capital programme which the Government has set out for the next number of years in order to deal with the provision of a range of facilities, including some of those to which the Deputy referred.
The Deputy well knows that every country has to borrow money. Does he think in that ruthless world of commercial lending, where these situations apply-----
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Ruthless is the right word.
Enda Kenny (Mayo, Fine Gael)
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-----that this country could expect to continue to be funded if we were to default or not measure up to our responsibilities?
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Do not guarantee the bonds.
Enda Kenny (Mayo, Fine Gael)
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Ireland's reputation is of a country that will do what it says it will do, that it will meet its requirements, provided we get the extra assistance and flexibility. This country has made significant progress in the past 15 months. The Deputy seems to argue that we should get the money, not pay it back and expect to get more at the same level.
Joe Higgins (Dublin West, Socialist Party)
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It is not our debt.
Enda Kenny (Mayo, Fine Gael)
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That is absolute nonsense. The Deputy does not live in the real world if that is his philosophy.