David Cullinane (Sinn Fein)

That is my point. We are constantly told the goal posts are moving. The pot is enough now, but something else will occur. For example, Cyprus is looking towards the pot. Italy may eventually do the same. What happens if France needs a bailout? This process is madness.

Direct recapitalisation makes sense. The Minister of State does not disagree. The Government and many others want direct recapitalisation. The Minister of State referred to the Taoiseach's remarks in a newspaper today. I agree with almost all of the Taoiseach's comments regarding what he wants, but words are cheap and we have been listening for God knows how long. The Taoiseach's crucial comment was that, although direct recapitalisation might be discussed, there would be no solution at the upcoming summit. When will there be a solution? As far as the real solution is concerned, the can is always being kicked down the road. This is part of the problem.

The Minister of State mentioned that we want to return to the bond markets. Sinn Féin has consistently cited that as our aspiration for the State, but it is a question of how to create the requisite conditions. Taking ownership of zombie, defunct and non-existent banks - Anglo Irish Bank does not exist - placed a liability on the taxpayer. This week, we will pay €1.17 billion to bondholders in Irish Nationwide and Anglo Irish Bank. No one likes this, but it is the reality.

It has been stated that, although many people in Europe do not want the ESM, we must go along with it. I will not put words in the Minister of State's mouth, but there is a better solution, namely, direct recapitalisation. However, some countries do not want direct recapitalisation and we must go along with their plan, even if it is a bad one and will not work.