Resumption of public debt debate
Peter Mathews asked for the resumption of an adjourned motion on debt reduction, citing emigration, public and private debt, and the need for further national debate. The Taoiseach pointed to European negotiations, interest-rate reductions, debt extensions, and banking-union progress, while Mathews argued that the issues remained unresolved.
No. 35 on page 1436 of the Order Paper is a motion tabled by the Minister for Finance, with four amendments tabled by Deputies of the House. It was put on the Order Paper on 12 February, debated on 13 and 14 February and adjourned to be resumed. It has not been called since. Is it possible for this debate to be resumed on the basis that there has been a change in circumstances of the country? Since February 25,000 people have emigrated, of whom 15,000 - that is, 60% - are highly educated third-level-degree-holding Irish citizens.
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This is a most pressing issue. Last week the Fiscal Advisory Council spoke about the national debt being at 122% of GDP, which put it in third place after Greece and Italy. The paper ignored the fact that private household debt and SME or non-financial corporate debt, taken together with national debt, puts Ireland in the worst position in the OECD.
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I want to call the Taoiseach. We will have a debate on it, but the Taoiseach will reply.
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This is crucial. In the meantime, the Thirty-second Amendment of the Constitution (Abolition of Seanad Éireann) Bill, which had to go through the Seanad and the Dáil to be brought to the people, has passed. It was brought in under a very strict Whip system so that Deputies and Senators who advocated the retention of the Seanad voted against their own debate. Another Bill passed was the Protection of Life During Pregnancy Bill, which was also whipped. In the meantime, the debate putting the case for the Irish people for debt reduction, which is extremely valid by any measure of logic and financial assessment, has been left for seven months without discussion or conclusion.
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I am not sure what the Deputy's question is. This is a motion in the name of the Minister for Finance.
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It has not been resumed and is unresolved.
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Clearly, the Deputy is aware of the outcome of the negotiations on the promissory note.
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They are not over. The consequences are not over.
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He is aware of the interest rate reductions and the lengthening of the debt profiles. He is also aware of the decision taken by the European Council on 29 June 2012 in respect of the European stability mechanism, which has the potential to deal with the recapitalisation of banks. He is aware of the progress made by our Minister for Finance, as chair of the Council of Ministers, in dealing with banking union, banking supervision, the Capital Requirements Directive IV and the opportunity to move to a point at which we can have assistance from our European colleagues.
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All inconclusive and open questions.
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We should have been speaking about it for seven months.
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Deputy Matthews certainly has not been quiet on this issue. I recall his visit to Berlin, when he voiced matters very vociferously.
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And since then in May, when other issues occurred.
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Many other people have been speaking about it also, and we will continue to speak about it and negotiate on it and hopefully get a solution which will reduce our debts very substantially-----
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The promissory notes were a given.