Billy Timmins (Wicklow, Independent) | Oireachtas source

I compliment the Government on carrying out the programme over recent years. I do not believe there is anyone in this House who, deep down, was not supportive of it. I congratulate the Government on completing the programme in so far as it has done so. I have a concern, however. It is epitomised by the fact that there is nobody present in this House who actually formed part of the Opposition in 2011. This is a very important debate. Our main Opposition parties are not present during the actual debate.

It is fortunate that the Government allowed time for this debate because it was not scheduled last week. There was no debate on it last week and it was not originally scheduled for this week. It shows the danger in our democratic process. I got a very uneasy feeling here last Thursday when the Government marched in, made an announcement and went off into the sunset.

We cannot have economic policy by confident soundbite, because people will see through it. I really hope the decision the Government made works out, but I am not so sure it will. I have a gut feeling that we should have gone for the credit line or at least, if we are really confident, we should have applied for it. The Government could then have outlined to the House the various options available. It does not make sense that we did not at least make an application. A true sign of self-confidence, as opposed to populist, incorrect decision making, would have been to go ahead with a credit line. It is not necessary for the Government to have policy by soundbite. It should have the confidence to articulate every view and proposal. Time and again we hear messages from Brussels, Frankfurt and elsewhere about game-changers, seismic shifts, retrospective recapitalisation and so forth. What is the situation with regard to the latter? I heard Karl Whelan saying last Saturday that he did not understand why we were still talking about recapitalisation of the banks, because it would never happen. The Minister suggested that it will happen next year or may come up for discussion next year.

Finally, I ask that the word "austerity" be dropped from our political vocabulary, because living within one's means certainly is not austerity.

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