Liam Twomey (Fine Gael)

I will be brief. Interest on Government bonds is now in excess of 8%. If Ireland is to survive, it must be able to borrow money at the rate of 5% or less. For the past six months, Irish banks have failed to borrow any money from international investors. All our borrowings are now coming from the European Central Bank. Ireland will have to borrow €40 billion over the next three years. This House needs to debate from where this money will come. It is feared now that international investors are not unwilling to lend money to Ireland but are concerned about the amount we have already borrowed. If that is the case, we will have to rely more often on the European Central Bank for funding in the next three years. That €40 billion is to pay social welfare payments, old age pensions, public sector pensions and public sector pay. We must have an urgent debate on where Ireland will borrow money from in the next three years if, as appears obvious, we are being abandoned by international investors as far as borrowings are concerned.