Pearse Doherty (Sinn Fein)

Is the Minister saying the €7 billion can be used by AIB or any other institutions to provide massive loans in places such as New York, Boston, Chicago, Poland, Britain, Scotland and Spain where there are branches of these banks and that there is no guarantee that this money will be spent on the island of Ireland? The Minister says the Bill is to allow us to invest in these institutions but it also contains conditions on the institutions. We should seek to incorporate the spirit of this amendment even if it is not accepted as I have worded it. We are recapitalising the banks to sort out the Irish economy. There is a fear that this could sort out other economies and that if the banks decided to they could invest this money in providing loans and engaging with the markets in different countries outside Ireland.

The amendment seeks to ensure we invest our National Pensions Reserve Fund on the island of Ireland. It is consistent with what my party has said in the past. We should invest this fund on the island of Ireland to get people back to work. We should build the roads, schools and social housing that are needed. That would be an investment in the future of the country. The Government has taken a different decision to invest in the banks. That is its prerogative but it will not get people back to work. At least if we were investing in Irish banks that operate solely with customers in Ireland, not merely Irish-owned banks or banks which are on the Irish Stock Market, it would be one small step in the direction I would like this Bill to go.