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On November 26th and 27th 2013 the Technical Group will propose the following Motion in the Dáil chamber:
That Dáil Eireann calls on the Government to immediately lobby the ECB for a one-off exemption from the monetary financing to allow the Central Bank of Ireland destroy the €25bn in sovereign bonds issued in February of this year in lieu of the remaining Promissory Notes, plus the €3.06bn bond also being held by Central Bank of Ireland, payment for the 2012 Promissory Note; also, to further lobby the ECB that all interest payments currently being made on those bonds should end and that all Promissory Notes-related debt be cancelled in its entirety.
I support that motion. The root cause of the banking crisis in Ireland was the launch in 1999 of an incomplete currency, the euro. From the outset it was structurally flawed, a fatal lack of the kind of central controls necessary for any currency, new or old. There was no proper foresight of the damage it would cause, no proper oversight as that damage was done, no Europe-wide structures in place to then limit that damage when it began to manifest itself.
The total amount so far that we have put towards bailing out our banks is €69.7bn; the most odious element of that debt is the €31bn issued to Anglo Irish Bank and INBS through the year 2010, at which stage the EU and the ECB were forcefully involved. Those billions were printed to save the Eurozone, to save its financial institutions, to save the euro itself. It should NOT fall then on the Irish people to have to pay that €31bn but that is what is currently planned, that for the next 40 years we will pay those billions (plus interest), debt-slaves for generations to the EU and to the ECB.
According to Taoiseach Enda Kenny and Finance Minister Michael Noonan, according also to Central Bank Governor Patrick Honahan, Ireland has never asked for bank-debt write-down; I believe we should. I am asking you now to please support this Motion.