David Cullinane (Sinn Fein)

For the last year or more, on behalf of my party I have been calling in this House for a full write-down of the debt of Anglo Irish Bank. I wish the Minister for Finance well during the current negotiations on that matter. From what we are hearing, the negotiations are not centred on a debt write-down, unfortunately. My understanding is that two things are being sought, the first of which is that we turn the debt into sovereign debt in the form of a sovereign bond. Such a measure would mean future generations of Irish people would have to pay that back. It would no longer be toxic private banking debt - it would be sovereign debt for which this country's taxpayers would be liable. It would also mean we would be kicking the can down the road. It is now 2012 and we would be talking about 2025. I have a son who is five years of age. When he turns 18, he will be one of a generation of young people who will be asked to pay that debt back.