Paul Coghlan (Fine Gael)

I support the call for a debate on the IMF-EU package. We are postponing a debate we must hold; it is not right that we must wait until Thursday. As Senator Alex White noted, the memorandum of understanding should be published because if the package goes through, we will have to live with it for a number of years. I am concerned about the use of €17.5 billion from the National Pension Reserve Fund. That clearly was not the reason for establishing the fund. In regard to the €35 billion firebreak, on which the markets are taking a different view, €10 billion will be invested immediately in the banks, while the other €25 billion will be a liquidity support. Is that where the National Pension Reserve Fund is supposed to be used? That is why we should be debating the matter today. Was the possibility of having a debt for equity swap considered in respect of creditors and bondholders? We are left in the dark. It is wrong that everything we know came from people such as the Governor of the Central Bank and Ajai Chopra rather than Government sources. It appears the banks have not been properly stress-tested. We do not know how many more mortgages and business loans may be sour. On the average or blended rate of interest, how is the money to be drawn down? We have no information on the order or priority of loans. We have been left in the dark on many of the details of the negotiations. It is wrong that the document has not been published and placed before us.