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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: To expand on the medicinal analogy, the Minister sounds like a drug addict who is in denial, who has got to do something about the problem but continues to give himself lethal injections of the poison that is killing him.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: No, I am not.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: Why is it that the Minister is so specific on debt and deficit targets? The Minister is so specific on the processes for achieving what he calls stability and utterly non-specific in terms of giving targets and timescales for addressing the unemployment crisis. How can he say the Government is taking growth and jobs seriously when he does not have anything like the projections for reducing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: What is the target and the timescale for reducing unemployment in this country to, say, 5%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: I am talking about targets for dealing with the unemployment crisis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: Come on, Minister. That is just disingenuous.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: Has the Minister got a target for reducing unemployment to 5%, for example? Does he have a timescale for that? Has he got a target for saying we are going to get from 430,000 unemployed to 100,000 unemployed over a specific number of years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: In his introduction, the Minister said the theme of the Irish Presidency was stability, jobs and growth. I am focusing on the two latter elements, jobs and growth.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: That is what the Minister spoke about in his introduction.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: In his introduction-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: If the Vice Chairman would allow me to use up the time in the way I choose, I am asking why, if the theme of the Irish Presidency is jobs and growth, the Minister does not put it to European finance ministers that we need to be more specific on targets for generating growth and employment across Europe in the same way as they are specific about imposing targets for deficit and debt reduction?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: I asked if the Minister had targets.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: Targets.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: That is the question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: I have read it. It is waffle.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: I have lots of positive things to say.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: Thank you.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: I have a question about the proposed banking resolution regime. I agree with Deputy Donnelly that it is a positive development to make a distinction between depositors and speculators or professional investors-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: -----if we want to be nicer about how we describe them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Richard Boyd Barrett: In the Minister's opinion is this shift largely to do with what happened in Cyprus and the intervention of the Cypriot people, where the original plan to deal with the bank financial crisis there was quite different, namely, to raid people's savings of under €100,000? However, as a result of a popular intervention, that policy was changed and bondholders, rightly, came into the firing...

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