Seanad debates

Thursday, 11 November 2010

10:30 am

Photo of David NorrisDavid Norris (Independent)

I support what Senator Boyle said. It would be very useful to have a regular debate on the economy, for which I have been calling for some time. It would be a statutory item held at least every week. Apart from everything else, it would mean we could have these ideas discussed in a relatively unhurried manner rather than absorbing the Order of Business every day. It is the principal thing item discussed; nothing else is placed on the agenda. Of course, it is worrying. Few of us thought we would see the interest rate on bonds going above 9% and apparently it is still climbing.

I agree with some of Senator Leyden's comments. I heard some of the broadcast from New York and some of the comments made were factually inaccurate such as that the State would run out of money within one month. That is simply not the case, but it will cause concern in the market. We must be as open as possible and use these economic debates. I have been in contact for a number of years with Mr. Peter Mathews who has an almost obsessional interest, as we all have probably, in the economy. His figures have consistently been right. In a telephone conversation with him this morning he told me that in September alone €55 billion was redeemed by the banks in bonds, in a fairly surreptitious movement, with loans from the ECB. There was no discussion of this in either House of the Oireachtas. I raised the matter a couple of weeks ago when Anglo Irish Bank redeemed €7.9 billion. I believe every penny put into Anglo Irish Bank is a complete waste time. However, I agree with Senator Boyle that it is important to have reasoned debate on a regular basis on the economy. We might come up with some ideas. Senator O'Toole has had a number of extremely useful ideas, particularly about the relevance of the metro north project. If it is costed on a basis where we find value, it might well turn out to be sustainable. These are the issues we should be discussing in such debates in order that other issues can be addressed during the valuable time made available on the Order of Business.

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