Chris Andrews (Dublin South East, Fianna Fail)

We also have the ECB, and the Department of Finance oversees matters. Clearly, the Irish model is significantly different from the American model. I read recently that 24% of mortgages in the US are sub-prime in nature, while in Ireland it is less than 3%. Ireland's difficulties are not the same as those of the US, but the lack of confidence has had a major impact on us. Years ago it used to be said that when Britain sneezed, Ireland got a cold. Now, the US has pneumonia and Ireland will have to take its medicine. People expect us to take that medicine.

The OECD, in an economic survey earlier this year, stated that Irish banks were well capitalised and that their past large profits had given them a buffer to get them through the current difficulties. That is the reality, despite what people like to say. If there is any more volatility in the financial markets, it is unlikely some commentators will make it to Christmas without having a nervous breakdown. The partnership deal reached a number of weeks ago was the result of much negotiation and compromise. It is easy to say that one side did not go far enough or that the Government should have imposed X, Y or Z. However, those who say that forget that it is about partnership and agreement. It is a good compromise and I believe it will be one of the cornerstones on which the new and stronger economy will be built.

The Opposition appears to want to have it every way. As Deputy Calleary said, they use nice generalisations such as "hunting down waste". We all know the devil is in the detail. It would be nice to hear them spell out which Ministers of State they feel are not needed any more. Do they believe we should get rid of the Minister of State with responsibility for integration, or the Minister of State with responsibility for older people? Are older people now somehow expendable in the Fine Gael ideology? At a time when we need to maintain a cool head and steady nerves, I am delighted that we have a Minister for Finance who has the calmness, foresight and vision to get the economy into shape so that when the global economic upturn comes we will be in a position to benefit. I support the amendment.

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