Results 25,241-25,260 of 26,610 for speaker:David Cullinane

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: The Minister of State asked for responses and he said that no response had been made. We are talking about the ESM treaty, which in some respects is convoluted. The other strategy would be to devise a different way to deal with the banks. The Government has said it wants to deal with the problem by means of promissory notes, yet what we are seeing is the most convoluted system I have ever...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: That would be the best way to do it. One option that could be examined would be for the ECB to print money. It would be different if we had to make a contribution to a different scheme but we will not support a contribution to the scheme that is before the House. We want a genuine mechanism of solidarity. We do not believe this mechanism is such. That is why we do not want to provide the...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: I contend that what we are dealing with is not realistic.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: I clearly remember in the 2007 general election my party was described as economic illiterates by a party which then went on to devastate the economy. I do not know whether the Minister of State will agree but it was the very policies we warned against-----

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: -----that created the sheer disaster we have in the economy at the moment. It is interesting to note that what keeps coming up over and over again is that somehow Sinn Féin's policies would wreck the economy. The economy is wrecked. It is the policies we warned against that were at fault. There are genuine alternatives. Some of the proposals we advocated were about having proper...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: The reason for that is because they think the policies that were pursued previously and are being pursued now are wrong. Senator Norris made the point that the reason bondholders invest in Germany and are still investing in France and elsewhere is because they believe those countries can pay the money back. They do not believe we can pay the money back because they see us continuously...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: -----but the reality is that we can have all the debates we like and they can involve banter and humour but the serious question we must examine is whether we are on the right road.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: That is what I am talking about: whether we are on the right road, if the policies will work, if the ESM will work and if it will be a firewall. I do not believe it will be. I will finish on this point. Every single time Europe presents a solution, we end up with a new crisis. This week's summit is another crisis summit. I am sure there will be discussion of more steps that must be taken...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: I do not think those figures are right. The Senator needs a calculator.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: It has gone up in recent weeks, as the Senator might have noticed.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: After the referendum.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: That is not what I said. The Senator should not misrepresent what I said.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: It is not an ideal situation. There are times when one needs to borrow. The Senator should have listened to what I said.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: Incorrectly.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: The Minister of State was given plenty of latitude. He raised a number of points which I will take the opportunity to reply to. Will he take the oppoprtunity to revert to me?

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: I will stick to the section. We are on Committee Stage and the Acting Chairman should relax. There is no panic. We have until 2.30 p.m.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: The Minister of State mentioned fantasy economics. The provision in section 3, to the effect that we must put €11 billion of borrowed money into a fund when we will probably need to draw down more than that amount, is fantasy economics. For many years and possibly since before 2007, the parties that share an economic consensus - Fianna Fáil, Fine Gael and the Labour Party - have called...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: With respect, Labour's leader, the Tánaiste, made the same point in the Dáil recently. Is it not interesting that these three parties, which have been in government for God knows how many years, including the Fianna Fáil-Green Party Government, started the economic crash and are sustaining this situation?

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: None of that had to do with my party or our policies.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: Senator Gilroy and the Minister of State should do the same.