Jim Walsh (Fianna Fail)

We should support the Government's efforts as long as that is the route being taken. There is a suspicion that the Taoiseach might have made a mistake at his first Council meeting last year by conceding a particular item. I do not know if that is the case. I ask the leaders of the groups in this House to come together to draw up a composite motion, along the lines I am suggesting. I hope such a motion can be passed unanimously by this House. That would strengthen the hand of the Government. That is what I want to happen. It is in everyone's interest for this issue to be resolved. Significant resolve and pressure will be needed if that is to happen. I discussed this issue with Mr. Chopra in Washington two days ago. As all Senators are aware, he has said on the public record that the quantum of our debt simply has to be written down. Much of that debt has come from German and French banks, particularly German state banks, that invested in the over-liquidity that gave rise to our property collapse. I am not saying they should take the full hit. We were culpable. Individuals who borrowed have to carry some of the responsibility. I am definite in my opinion that the banks I have mentioned cannot escape scot free. The message that needs to go back to the European Union, Chancellor Merkel and the President of France is that they must play their part. We need to stand and say that as one voice in this House.