David Norris (Independent)

——of this House I have so often appreciated, seeks to substitute the following: "quarter, giving a breakdown of the aggregate in respect of each individual advancement, confirming the amount of the loan, the net disbursement amount, the term, the redemption schedule, the interest rate payable by the borrower, the funding costs for the State, the disbursement date and any other conditions applicable". What I had been saying was germane to that because of the way in which things change.

For example, we have all heard various economists and specialists talking in the media about the question of a redemption schedule. Does anybody actually believe it will be redeemed? Many of the economists think it may not be redeemed. I hear that every day on the airwaves. I hope it will be but what about people such as Standard & Poor's, for example, or Goldman Sachs, which in my opinion is criminally responsible for this mess by collaborating with the Greek Government in concealing what was going on, and doing so for its own financial advantage? Perhaps these groups are gambling against the Greek currency and perhaps against the euro itself. It is necessary that we get updates every quarter on the redemption schedule to know if it will be on target.

It is daft that Ireland, which is pretty well bust, is borrowing money to give to Greece. I accept that is solidarity but we are actually expecting to make a profit on it. What are we at? There is only one reason for doing that and it must be accounted to us every quarter, that is, to get the Greeks out of a hole. We probably will not get it back and we should not be seeking to make a profit on it. How will they give us this additional money? If we feel solidarity we should give it to them at the base level and not look for a profit. That is where we have got to. The market is responsible for this and we should not engage in market principles now that the whole market principle has become a busted flush to anyone who has eyes to see.