My question will follow a few observations that are extremely important. I sense the tension from our leader on the Government side and from the Opposition side. I sense a tension that is playing itself out in the other parliaments of Europe and I sense that over the past number of years Europe has been ruled by powerful vested interests and - I will use a word we all understand - bullies, but no one of stature and courage has stood up to challenge this undemocratic power.
I will pass around to Members a link to a website in which MIT Professor Johnston revealed that one of the world's largest banks, Deutsche Bank, with a €2.2 trillion balance sheet, is far shakier than realised to date. What these people who run these banks around the world, and who are paid multiple times what the leaders of countries and parliaments are paid, are doing to control and manipulate the flows of finance and capital around the markets of the world, which is frightening the leaders of democratically elected governments, is wrong and we have to stand up to it.
If we keep doing what we have been doing, we will get more of what we have got. What we have got to date has been very disappointing despite really honest efforts, but we have not had the truth from other parliaments.
We have not had the truth from the German Parliament. In Germany they have not been told about the reality of the economic and financial standing of their country and their banks, and the debt that exists. Spain's banks have admitted they have a problem worth €100 billion but it is a minimum of five times that magnitude.
I ask everybody in this House to pay attention to these matters and to inform themselves rather than get distracted by the traditional accusation and counter accusation. We have to bring the truth of the problem to Germany. I will explain this matter of re-engineering more than 40 years of promissory notes very quickly and then I will sit down. The 40 year proposal for a bond means that, instead of a promissory note over ten years, the people of Ireland say they will take on a debt they do not owe to anybody. Fundamentally there is a problem in this. Why should we re-engineer and lengthen a debt that is not properly presentable to the people of Ireland? It is wrong. A 40 year bond at a lower interest rate will become an asset of a busted bank, the IBRC, and will earn income at the lower rate over 40 years while being used as security on a loan from the ECB. The loan from the ECB will repay the emergency liquidity assistance from the Central Bank of Ireland. It is all a nonsense of mirrors. We have to stop this nonsense and say we do not owe at least €70 billion to the ECB or the Central Bank because the origin of that money was the redemption of bonds that should not and could not be repaid from the resources of the banks in which they were invested. We have taken not one hit but €70 billion for Europe and that is wrong. We have to get that fundamental message across.