Kieran O'Donnell (Limerick East, Fine Gael)

We received this EU-IMF programme of financial support for Ireland earlier this afternoon. I noted with interest last night that the Minister of State, Deputy Mansergh, said he was not aware of the details of this agreement. Now, however, he seems to be an authority on it. In one breath the Government is saying there was no political involvement, yet it seems to know everything about it.

Scanning through the requirements in the document, the Government has effectively put this country in the position of a schoolboy applying for pocket money. If he does not do A, B and C he will not get the funding. This is due to the Government's recklessness over many years, but in particular from 2003 onwards. Not only did it get the property bubble incorrect by inflating it through tax incentive schemes and not regulating the banks, but it has also compounded it with a series of measures on the banking crisis. This started with the bank guarantee scheme and followed on with NAMA and the nationalisation of Anglo Irish Bank.

In the period since this issue arose in September 2008, over two years ago, we have not seen one person from the banking system brought to book. We have seen no proactive measures to deal properly with the banking crisis. Where is the resolution regime the Government promised? When it brought in the bank guarantee scheme, it could have effectively put a temporary scheme in place and during that period brought in a resolution scheme for Anglo Irish Bank to wind it down. Anglo Irish Bank became the lightening-rod for this country in terms of international markets. They saw €30 billion going into a bank that was never going to lend a red cent. The IMF told Governor Honohan that it wanted to see the brass plate coming down off Anglo Irish Bank's door. Anglo Irish Bank is a symbol of failure and the Government's brass plate will shortly be taken down also. We need a new vision and a changing of the guard. If one has a bad workman, one does not continue to hire him.

Page two of the agreement refers to the National Pensions Reserve Fund, as follows: "The judicious use of our own existing financial resources (€17.5 billion) will also help ensure financial stability as we restore market confidence and return to durable growth." These are not the Government's own resources, however, they are the taxpayers'. The Government is raiding the piggybank of the National Pensions Reserve Fund and other reserves to put it into institutions from which taxpayers may never get a return. The Government has put the economy and the country in this position, yet it seems to have no shame. It questions what is happening now but takes no responsibility for having got us to this situation.

The Taoiseach should allow the budget to go through with immediate effect, as well as all the legislative budgetary measures to go through before the end of the year. He should then call a general election and let the people have their say. Many of the measures introduced under this plan would be coming through under the next Government's watch. The Government negotiated this deal, so it should be ashamed of itself given the poor quality of it and its repercussions for citizens.

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