Seanad debates

Thursday, 16 December 2010

Credit Institutions (Stabilisation) Bill 2010: Second Stage

 

12:00 pm

Photo of Marc MacSharryMarc MacSharry (Fianna Fail)

I welcome the Minister of State, Deputy Mansergh. I am glad the Minister for Finance, Deputy Brian Lenihan, was able to join us earlier and that he will be returning to take Committee Stage when other points can be made. Senator Donohoe was very measured and eloquent in his contribution in which he made some interesting points which I am sure the Minister will address in detail on Committee Stage. On the weight of public opinion in focusing on burning senior bondholders, I do not consider that a number of articles in the Financial Times or a number of individual views represent the weight of international opinion that Ireland should be a laboratory experiment to see what would happen if we were to default. On another occasion I believe the Minister of State, Deputy Mansergh, cited the example of Argentina which defaulted and decided to seize all savings in hard currency and replace them with 25 pesos in the dollar. That is what happened when it chose to default and it still cannot get money.

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